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Question - Pirtus Vro had the following information for the year 2018
Beginning Inventory 30,000
Purchases 50,000
Freight In 2,000
Purchase Returns 1,000
Cogs 15,000
Salaries Expense 5,000
Rent Expense 3,000
A fire engulfed the company during the new year celebration heading into 2019 and lost 100% of the inventory. Despite losing all the inventory the company realized that not all purchases have arrived. The following were the information for the purchases:
12,000, FOB shipping point, currently with the courier arriving Jan 2, 2019
8,000, FOB destination, currently with the courier arriving Jan 2, 2019
Required - What was the actual amount of inventory that was lost in the fire?
What is the present value of this liability
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