Question 3 - Part 3 - 3 Marks (5 Minutes) Schnoodlefest Company had its merchandise...
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Accounting
Question 3 - Part 3 - 3 Marks (5 Minutes) Schnoodlefest Company had its merchandise inventory warehouse destroyed by a fire. Thankfully, the owner had the accounting records at home to prepare financial statements after counting the inventory earlier in the day. The company used the periodic inventory system. In the shock of being notified of the fire, the owner spilled his dinner on the statement of earnings he had just completed. However, the following information was readable: Sales, $200,000; Beginning inventory, 520,000; Purchases, $130,000; Total Operating Expenses (not including taxes), S40,000, and Profit Before Taxes, $20,000. There were no sales returns, purchases retums, sales discounts nor purchases discounts. Compute the amount of the ending inventory on hand before the fire
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