Reference no: EM132739183
Question - You are called by Tim Duncan of Splish 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 $ 36,600
Purchases-goods placed in stock July 1 -1581,300
Sales revenue-goods delivered to customers (gross) 119,400
Sales returns-goods returned to stock 3,600
Your client reports that the goods on hand on July 16 cost $31,300, but you determine that this figure includes goods of $6,300 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.
Required - Compute the claim against the insurance company.
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: Your client reports that the goods on hand on July 16 cost $31,300, Compute the claim against the insurance company
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