A report for the insurance company

Assignment Help Financial Accounting

Reference no: EM13929414

Suzuki Company lost all of its inventory in a fire on December 26, 2015. The accounting records showed the following gross profit data for November and December.

November	December (to 12/16)
Net Sales	$600,972	$704,600
Begining Inventory	$32,800	$36,300
Purchases	$387,400	$423,700
Purchase return and allowances	$13,400	$14,800
Purchase discounts	$8,700	$9,800
Freight-in	$9,000	$9,500
Ending Inventory	$36,300	?

Suzuki is fully insured for fire losses but must prepare a report for the insurance company.

1.Compute the gross profit rate for November. (Round answer to 1 decimal place, e.g. 25.5%.)

2. Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire. (Round answer to 0 decimal places, e.g. 125.)

Reference no: EM13929414

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