Question

The inventory of Runners Company was destroyed by flood on jun 1. From an
examination of the accounting records, the following data for the first five months
(Jan to May) of the year are obtained:

Sales

Sales Returns and Allowances

Purchases

Freight-In

Purchase Returns and Allowances

Required:

Determine the merchandise lost by flood using the Gross Profit Method, assuming
a beginning inventory of $3,000 and a gross profit rate of 40% on net sales.

Answer 1

Answer:

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Explanation:

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