Reference no: EM13872800
On September 28, 2010, a fire destroyed the entire merchandise inventory of the Carroll Corporation. The following information is available:
Sales, January 1,September 28, 2010 .......... $540,000
Inventory, January 1, 2010 ................. $150,000
Merchandise purchases, January 1,September 28, 2010
(including $60,000 of goods in transit on September 28,2010,
shipped FOB shipping point) ............ $465,000Markup percentage on cost ................ 20%
Required:
What is the estimated inventory on September 28, 2010 immediately prior to the fire?
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