Problem 6-14A Estimating ending inventory-gross profit Page 499 method ...
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Accounting
Problem A Estimating ending inventorygross profit
Page
method
L
CHECK FIGURE: $
Quebec Traffic Company had a fire on March that destroyed a major portion of its inventory. The salvaged accounting records contained the following information:
Sales, January to March
$
Net merchandise purchased January to March
Additional information was determined from the annual report:
Income statement:
Sales
$
Cost of goods sold
Balance sheet:
Merchandise inventory.
Quebec Traffic was able to salvage inventory with a cost of $
Required
Determine the amount of inventory lost by Quebec Traffic as a result of the fire.
Quebec Traffic has a December yearend. Round the gross profit ratio to the nearest whole percentage point.
what is total cost of goods available for sales
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