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Determine the merchandise lost by fire

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The inventory of Concord Corporation was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,300, Purchases $33,500, Freight-In $1,200, and Purchase Returns and Allowances $1,800.

Question 1: Determine the merchandise lost by fire, assuming:

  1. A beginning inventory of $20,500 and a gross profit rate of 45% on net sales.
  2. A beginning inventory of $35,500 and a gross profit rate of 30% on net sales.

Reference no: EM132592899

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