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Compute amount of claim due from the insurers

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Reference no: EM132595272

On August 31st 2018, the premise of Alonge Ltd was destroyed by fire. The business's books and records were saved from where the following data were taken:

N'000

Inventory at 31 March 2017 318,500

Inventory at 31 March 2018 262,850

Purchases (year to 31st March 2018) 726,950

Sales (year to 31st March 2018) 1,082,550

Purchases from 1st April to 31st August 2018 261,450

Sales from 1st April to 31st August 2018 413,000

In valuing inventory at 31st March 2017, N14,000,000 had been written off a particular line of goods which originally cost N22,400,000. The written - down inventory was sold in May 2017 for N15,050,000

In valuing inventory at 31st March 2018, another line of goods costing N12,600,000 was written down to N7,000,000. In June 2018, this item of inventory was sold for N12,250,000.

But as regards the goods indicated above, the gross profit percentage had remained unchanged throughout. The value of salvaged inventory was N35,700,000

Question 1: You are required to compute amount of claim due from the insurers in respect of inventory lost.

Reference no: EM132595272

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