Reference no: EM132609423
On the morning of August 2, Raf Splinter, manager at Turtle Office Products Inc. walked into the company's warehouse to find that all the inventory was destroyed due to a burst water pipe which happened overnight. Luckily the accounting records were stored in the office building, separate from the warehouse. No inventory activity occurred on Aug 1.
The company's insurance provider advised that in order to file a claim, they must provide an estimate for the inventory lost during the water damage.
Required:
Question 1: Estimate for inventory as at July 31 using only what's needed from the following data:
Beginning inventory, Jul 1 $ 3,960
Salaries and wages expenses 1,900
Purchases during July 35,250
Net sales revenue for the month 36,455
Gross margin % 38% (of net sales)
Utilities expenses 520
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