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Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.

Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.

FINANCIAL ACCOUNTING
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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Quebec Traffic Company had a fire on March 10, 2023, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to March 10............... Net merchandise purchased January 1 to March 10............. Additional information was determined from the 2022 annual report: Income statement: Sales............. $ 355,600 187,400 Cost of goods sold..... Balance sheet: Merchandise inventory........ Quebec Traffic was able to salvage inventory with a cost of $106,300. $3,300,000 1,782,000 299,100 Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.
Transcribed Image Text:Quebec Traffic Company had a fire on March 10, 2023, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to March 10............... Net merchandise purchased January 1 to March 10............. Additional information was determined from the 2022 annual report: Income statement: Sales............. $ 355,600 187,400 Cost of goods sold..... Balance sheet: Merchandise inventory........ Quebec Traffic was able to salvage inventory with a cost of $106,300. $3,300,000 1,782,000 299,100 Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.
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