Compute the claim against the insurance company

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You are called by Tim Duncan of Culver Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.

Inventory, July 1 mce_markernbsp;37,300
Purchases-goods placed in stock July 1-15 85,300
Sales revenue-goods delivered to customers (gross) 120,900
Sales returns-goods returned to stock 4,400

Your client reports that the goods on hand on July 16 cost $33,600, but you determine that this figure includes goods of $5,700 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan's insurance covers only goods owned.

Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to 0 decimal places, e.g. 28,987.)

 

Reference no: EM131752464

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