On 30 September 2014 part of the inventory of a company was completely destroyed by fire. The following information is available: - Inventory at 1 September 2014 at cost $49,800 Purchases for September 2014 $88,600 - Sales for September 2014 $130,000 - Inventory at 30 September 2014-undamaged items $32,000 - Standard gross profit percentage of sales 30% Based on this information, what is the cost of the inventory destroyed? А. $15,400 В. O $47,400 C. O $6,400 С. D. O $17,800
On 30 September 2014 part of the inventory of a company was completely destroyed by fire. The following information is available: - Inventory at 1 September 2014 at cost $49,800 Purchases for September 2014 $88,600 - Sales for September 2014 $130,000 - Inventory at 30 September 2014-undamaged items $32,000 - Standard gross profit percentage of sales 30% Based on this information, what is the cost of the inventory destroyed? А. $15,400 В. O $47,400 C. O $6,400 С. D. O $17,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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