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Question - Americana company merchandise that was in warehouse was destroyed due to a fire that occurred on April 30, 2022. Below are data taken from accounting records until April 30, 2022, as material for calculating fire losses
Sales 150,000,000
Sales Return 5,000,000
Ending inventory December 31, 2021 62,500,000
Purchase 112,500,000
Discounts on purchases of 2,500,000
Transportation costs for purchases 5,000,000
Based on past years' experience, it can be determined that the net sales profit is 35% of the net sales.
Required - Calculate the estimated cost of goods burned!
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