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Problem
The Navarre Company had a fire on February 10, 2017, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information:
Sales, January 1 to February 10
365,600
Net merchandise purchased Jan. 1 to Feb. 10
197,400
Additional information was determined from the 2016 annual report:
Income statement:
Sales
3,320,000
Cost of goods sold
1,726,400
Balance sheet:
Merchandise inventory
309,100
Navarre was able to salvage inventory with a cost of $106,500.
Required:
Determine the amount of inventory lost by Navarre as a result of the fire. Navarre has a December 31 year-end. (Round "Gross profit ratio" to the nearest whole percent.)
How do I calculate the inventory lost? Pls show the calculation.
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