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Calculate the cost of the lost ending inventory

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Question - A ?re wiped out Plantagenet Paper Company's Inventory. The insurance company will accept an estimate using the retail method. Last year's balance sheet stated that the ending inventory was $11,000 and it would usually sell for $41,000. Mr. Pichai knows that the cost of purchases was $190,000 and the retail selling prices for the paper totalled $286,000. Credit card receipts indicate that there was $241,000 of sales since the beginning of the year. Calculate the cost of the lost ending inventory for the insurance company.

Reference no: EM133051484

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