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Determine the merchandise lost by fire

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Question - The inventory of Pedigo Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained:

Sales Revenue $185,000

Sales Returns and Allowances 5,000

Purchases 90,000

Freight-In 3,500

Purchase Returns and Allowances 4,000

Instructions - Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales.

Reference no: EM132527953

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