Asignment
You are called by Tim Duncan of Culver 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 $ 37,300
Purchases-goods placed in stock July 1-15 85,300
Sales revenue-goods delivered to customers (gross) 120,900
Sales returns-goods returned to stock 4,400
Your client reports that the goods on hand on July 16 cost $33,600, but you determine that this figure includes goods of $5,700 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan's insurance covers only goods owned.
Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to 0 decimal places, e.g. 28,987.)