1. Taylor\'s Warehouse burned to the ground on April 1,2017. The following infor

Question

1. Taylor's Warehouse burned to the ground on April 1,2017. The following information was available inventory, 1/1/17 purchases to date freight in sales to date Gross profit is 20%. 1,900,000.00 5,800,000.00 400,000.00 8,200,000.00 What is the amount of inventory lost in the fire? 2. The following information is available for Beta Co. cost retail 190,000.00 s 600,000.00 $8,000.00 beginning inventory purchases freight in mark ups mark downs sales 280,000.00 840,000.00o 20,000.00 $ 4,000.00 800,000.00 Estimate ending inventory using A. conventional retail B. LIFO retail

Explanation / Answer

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Inventory, 1/1/17 1900000 Purchases to date 5800000 Freight in 400000 Cost of goods available 8100000 Less cost of goods sold ($8200000 x 80%) 6560000 Inventory value lost in fire $ 1540000

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