Reference no: EM132775984
On the morning of November 21, management of Strang Company learned that there had been a break-in at their warehouse, and that SOME of their merchandise inventory (but not ALL the inventory) had been stolen after the close of business on November 20.
Strang immediately took an inventory count on Nov 21 to figure out the amount of the loss before opening for business. This inventory count indicated that $90,000 of goods were on-hand and present in the warehouse.
The following additional data is available from the accounting records of Strang:
Purchases received, Nov 1 - 20 $144,000
Inventory on hand, Nov 1 $168,000
Sales revenue, Nov 1-20 (goods delivered to customers) $270,000
Records from the recent past indicate that sales prices for the goods that were stolen are set, on average, at 45% above cost.
Problem 1: Estimate the inventory of goods on hand at the close of business on November 20th AND determine the amount of the theft loss.
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