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Century 21 Accounting Multicolumn Journal

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1CP

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Accounting question need help please

A fire destroyed most of the inventory in Wilcox Enterprises'
warehouse on August 15. After the fire, Wilcox's accounting records
showed the following:
Account
Inventory, January 1
Amount ($)
$65,000
Purchases, January 1 through August 15 $280,000
Sales, January 1 through August 15
$350,000
Inventory not damaged by fire
$50,000
Gross profit percentage on sales
35%
What amount of inventory was lost in the fire?

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