Your client reports that the goods on hand on july 16 cost

Reference no: EM13589278

You are called by Tim Duncan of Spurs Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.

Inventory, July 1		$ 41,010
Purchases-goods placed in stock July 1-15		90,490
Sales revenue-goods delivered to customers (gross)		119,400
Sales returns-goods returned to stock		3,960

Your client reports that the goods on hand on July 16 cost $33,210, but you determine that this figure includes goods of $7,170 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned.

Compute the claim against the insurance company.

Reference no: EM13589278

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