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wch 9 WileyPLUS -) O ? ? ? https://edugen wiley plus comedigenntimain uni leyPLUS inn Satermadiain aecenatin e CALCULATOR PRINTER VERSION 4BACK ENT CES Question 1 Indige Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the a 2018 Beginning inventory Purchases for the year Purchase returns $168,500 412,700 30,100 Sales revenue Sales returns Rate of gross profit on net sales $628,200 25,600 20 % selling price of $15,200 had a net realizable value of $5 Merchandise with Compute the amount of Amount of the loss s a selling price of $20,300 remained undamaged after the fire. Damaged merchandise with an original s the loss as a result of the fire, assuming that the corporation had no insurance coverage 19 10 Question Attempts: O of 6 used SAVE FOAER SUBMIT tive

Explanation / Answer

Amount($) Beginning inventory 1,68,500 (+)purchase 4,12,700 (-) purchase return (30,100) (A) 5,51,100 Sales revenue 6,28,200 (-) sales return (25,600) (-) gross profit (net sales*20%) (1,20,520) B 4,28,080 (A-B) 1,23,020 (-) undamaged [20,300*(1-0.20)] (16,240) (-) damaged NRV (5,200) Amount of loss 1,01,580

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