Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 8, a fire destroyed the entire merchandise

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale...

50.1K

Verified Solution

Question

Accounting

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:

Sales, January 1 through July 8 $ 681,000
Inventory, January 1 131,000
Purchases, January 1 through July 8 642,000
Gross profit ratio 24 %

What is the estimated inventory on July 8 immediately prior to the fire?

Multiple Choice

  • $517,560.

  • $154,080.

  • $257,240.

  • $255,440.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3 What is the slope of the line 2x y 10

Algebra
Q

What are possible equations for these 2 lines y y x Why X How many...

Basic Math
Q

Mr. Ahmed is a 65- year old man who is suffering from Diabetic Retinopathy. He is...

Biology
Q

1. Briefly Explain at least 5 different types of cardiovascular disease? 2. Identify 7 of the 10 risk...

Biology
Q

What is the difference between nutrition \"recommendation\" and \"prescription?\" What are the risks and possible alternatives of...

Medical Sciences
Q

In the figure below I II m X 0 135 xo X Find x 39...

Geometry
Q

QUESTION 4 Fvelyn contributes Land to Blanton Corporation in exchange for all of ns stock....

Accounting
Q

Gold Times runs an import-export business by procuring raw materials from one country and supplying...

Accounting
Q

Horizontal Analysis of the Income Statement Income statement data for Cascade Images Inc. for the...

Accounting
Q

2) Which of the following statements is false? a) On average, IPOs are underpriced, meaning...

Finance
Q

Music Now plans to sell 6,000 MP3 players at $60 each in the coming year....

Accounting
Q

A company reports the following for one of its products. Direct materials standard ( 3...

Accounting