Solution-Compute the gross profit rate for the month of

Compute the gross profit rate for the month of february

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Reference no: EM13511018

Jae Company lost 70% of its inventory in a fire on March 25, 2012. The accounting records showed the following gross profit data for February and March

Jae Company is fully insured for fire losses but must prepare a report for the insurance company.

Instructions

(a) Compute the gross profit rate for the month of February.
(b) Using the gross profit rate for February, determine both the estimated total inventory and inventory lost in the fire inMarch.

Reference no: EM13511018

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Compute the gross profit rate for the month of february

Reference no: EM13511018

Reference no: EM13511018

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