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What is the estimated cost of missing inventory

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Reference no: EM132864468

Question - Hector Company's records indicate the following information:

Inventory, January 1, 2018 $550,000

Purchases during 2018 2,250,000

Sales during the year 3,000,000

On December 31, 2018, a physical inventory count determined that EI of $600,000 was in the warehouse. Hector's gross profit on sales has remained constant at 30%. Hector suspects some of the inventory may have been taken by some unsavory employees.

Required - At December 31, 2018, what is the estimated cost of missing inventory?

Reference no: EM132864468

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