Burt Company\'s accounting records indicated the following information: A physic

Question

Burt Company's accounting records indicated the following information: A physical inventory taken on December 31, 20x9, resulted in an ending inventory of $324730. Burt's gross profit on sales has remained constant at 24% in recent years. Burt suspects some inventory may have been taken by a new employee. At December 31, 20x9, what is the estimated cost of the missing inventory Note that a negative number means that there is more inventory on hand than was anticipated. Select one: check The correct answer is:408488.08

Explanation / Answer

Op.inventory 461647 Add purchases 2660283 Add; gross profit. 3143042*24% 754330.08 Less: sales 3143042 Closing inventory 733218.08 Less: physical Inventory 324730 Missing Inventory 408488.08 Hence the correct option is b

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.