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Compute the claim against the insurance company

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Question - You are called by Tim Duncan of Spurs 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 $38,000

Purchases-goods placed in stock July 1-15 85,000

Sales revenue-goods delivered to customers (gross) 116,000

Sales returns-goods returned to stock 4,000

Your client reports that the goods on hand on July 16 cost $30,500, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned.

Compute the claim against the insurance company.

Reference no: EM132215695

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