What is the estimated inventory on july 8 immediately, Accounting Basics

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What is the estimated inventory on july 8 immediately

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:

Sales, January 1 through July 8 $700,000
Inventory, January 1 130,000
Purchase, January 1, through July 8 610,000
Gross profit ratio 30%

What is the estimated inventory on July 8 immediately prior to the fire?

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Accounting Basics: What is the estimated inventory on july 8 immediately

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Accounting Basics: What is the estimated inventory on july 8 immediately

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Recent Questions Asked Accounting Basics

Q : How will note payable and the related interest be classfied

Q : What is ending inventory assuming northwest uses

Q : Compare potential profits from two pricing strategies

Q : Estimating the change in capital structure

Q : What is the estimated inventory on july 8 immediately

Q : What amount should be reported as cost of goods sold

Q : Find optimum price and membership quantity

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the estimated inventory on july 8 immediately

Reference No:- TGS053490

Recent Questions Asked Accounting Basics

Q : How will note payable and the related interest be classfied

Q : What is ending inventory assuming northwest uses

Q : Compare potential profits from two pricing strategies

Q : Estimating the change in capital structure

Q : What is the estimated inventory on july 8 immediately

Q : What amount should be reported as cost of goods sold

Q : Find optimum price and membership quantity

Q : What were warranty expenditures during the year

Q : Find change in equilibrium price

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