Westman Company lost most of its inventoryin a fire in December just before the year end physical inventory was taken

| September 28, 2018

Westman Company lost most of its inventoryin a fire in December just before the year end physical inventory was taken. Corporate records disclose the following.Inventory (beginning) $80,000Purchases 290,000Purchase returns 28,000Sales revenue 415,000sales returns 21,000Gross profit % based on net selling price 35%Merchandise of a selling price of $30,000 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,150. The company does not carry fire insurance on its inventory.Instructions:Prepare a formal labeled schedule computing the fire loss incurred. (Do not use the retail inventory method)

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