Solution-Determine the merchandise lost during the flood

Determine the merchandise lost during the flood

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Reference no: EM132817572

The inventory of Highwater Ventures Corporation was destroyed during a flood on January 31, 2020.

The following data for the first month of the year has been obtained:

Sales $102,000,

Sales Returns and Allowances $2,000,

Purchases $56,400;

Freight-In $2,400; and

Purchase Discounts $2,800.

According to the financial statements at year-end December 31, 2019 the balance of Merchandise Inventory was $40,000. Highwater Ventures has a gross profit rate of 30% on net sales and uses the periodic method of inventory.

Problem 1: Determine the merchandise lost during the flood.

Reference no: EM132817572

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Determine the merchandise lost during the flood

Reference no: EM132817572

Reference no: EM132817572

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