19. A company count its inventory and arrives at a total of 167,000. The company fears that some merchandise has been stolen and seeks to estimate the amount of the loss. Sales for the period were 600,000. Gross profit is set by the company at a standard 40% of the sales price. According to ledger balances, inventory on the first day of the year was 150,000 and purchases of 390,000 were made during the period. How much theft has occurred? (5points) a. 13,000 b. 15,000 c. 10,000 d. 18,000

19. A company count its inventory and arrives at a total of 167,000. The company fears that some merchandise has been stolen and seeks to estimate the amount of the loss. Sales for the period were 600,000. Gross profit is set by the company at a standard 40% of the sales price. According to ledger balances, inventory on the first day of the year was 150,000 and purchases of 390,000 were made during the period. How much theft has occurred? (5points) a. 13,000 b. 15,000 c. 10,000 d. 18,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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