The Hibiscus Lodge is a trader in plastic ornaments. On January 31, 2012 a fire destroyed a portion of its inventory. The following information is available: $ Inventory January 1 320,000 Sales for January 620,000 Purchases for January 406,000 Inventory in good condition at January 31 116,000 Standard mark up is 25% Based on the information, what is the value of inventory that was destroyed ? a. $230,000 b. $145,000 c. $124,000 d. $114,000

The Hibiscus Lodge is a trader in plastic ornaments. On January 31, 2012 a fire destroyed a portion of its inventory. The following information is available: $ Inventory January 1 320,000 Sales for January 620,000 Purchases for January 406,000 Inventory in good condition at January 31 116,000 Standard mark up is 25% Based on the information, what is the value of inventory that was destroyed ? a. $230,000 b. $145,000 c. $124,000 d. $114,000

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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