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Discuss prepare an insurance claim for a theft loss

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Reference no: EM131788108

You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data:

Inventory, September 1 $38,000   Sales, September 1-September 28 $51,000
Purchases, September 1-September 28 19,000

The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above the cost of goods sold.

Reference no: EM131788108

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