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Calculate the estimated amount of inventory lost in the fire

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Reference no: EM132563284

Question - Windy City Insurance Ltd. has received a fire-loss claim of 45,000 from Balton Corp, A fire destroyed Balton's inventory on May 25, 2015. Bolton has average gross profit of 35%. You have obtained the following information:

Inventory, May 1, 2015 $ 80,000

Purchases, May 1- May 25 $ 150,000

Sales, May 1 -May 25 $ 300,000

Required -

a. Calculate the estimated amount of inventory lost in the fire.

b. How reasonable is Balton's claim.

Reference no: EM132563284

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