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.