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On the evening of March 11, a theft occurred at Colts Store after operating hours. The next morning, inventory is taken and $12,500 of goods was on hand. The following additional data is available from the books:
Inventory on hand, March 1 $ 65,000 Purchases received, March 1-11 136,000 Sales (goods delivered to customers) 107,500Past records indicate that gross margin is, on average, 35%.
instractions:
problem 1: Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss. Round all amounts to the nearest dollars. show calculation
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