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Determine the merchandise lost by fire

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Question - The inventory of Tamarisk, Inc. 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 $53,000, Sales Returns and Allowances $1,400, Purchases $39,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700.

Determine the merchandise lost by fire, assuming: A beginning inventory of $36,500 and a gross profit rate of 30% on net sales.

Reference no: EM132597072

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