on september 28 2016 a fire destroyed the entire merchandise inventory of carroll co 4372462

On September 28, 2016, a fire destroyed the entire merchandise inventory of Carroll corporation. The following information is available: Sales, January 1-September 28, 2016 $560,000 Inventory, January 1,2016 $170,000 Merchandise purchases, January 1-September 28, 2016 (including $60,000 of goods in transit on September 28, 2016, shipped FOB shipping point) $472,000 Markup percentage on cost 25% Required: What is the estimated inventory’ on September 28, 2016, immediately prior to the fire? View Solution:
On September 28 2016 a fire destroyed the entire merchandise

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