connect.htm Help Save & Exi Smith Distributors, Inc. the loss of all of the topp

Question

connect.htm Help Save & Exi Smith Distributors, Inc. the loss of all of the toppings stored in one section of the estimate of the amount of inventory lost. The following information is available from the company's account supplies ice cream shops with various toppings for making sundaes. On warehouse. The company must provide its insurance company with an 17, 2018, a fire resulted in ing records Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio s3e,000 8,000 200,088 46,080 4,800 13,080 21,eee 38% 15% 25% Required 1. Calculate the estimated cost of each of the toppings lost in the fire. lost inventory Fruit

Explanation / Answer

Calculate amount of inventory lost :

Fruit Toppings Marshmallow Chocolate Inventory jan 1,2018 30000 8000 4000 Add: Purchase 200000 46000 13000 Less: Cost of goods sold 250000*85%=212500 65000*75%=48750 21000*70%=14700 Estimated cost of inventory lost 17500 5250 2300

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