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Determine the amount of inventory lost by navarre

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Reference no: EM131785111

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.

Reference no: EM131785111

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