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You are called by the CFO of Windsor Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Inventory, March 1 $75,300 Purchases-goods placed in stock March 1-9 105,000 Sales-goods delivered to customers (gross) 83,700 Sales returns-goods returned to stock 2,800 Your client reports that the goods on hand on March 9 cost $24,200, but you determine that this figure includes goods of $7,200 received on a consignment basis. Your past records show that sales are made at approximately 20% over cost. Windsor's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to O decimal places, e.g. 28,987.) Claim against the insurance company $

You are called by the CFO of Windsor Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Inventory, March 1 $75,300 Purchases-goods placed in stock March 1-9 105,000 Sales-goods delivered to customers (gross) 83,700 Sales returns-goods returned to stock 2,800 Your client reports that the goods on hand on March 9 cost $24,200, but you determine that this figure includes goods of $7,200 received on a consignment basis. Your past records show that sales are made at approximately 20% over cost. Windsor's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to O decimal places, e.g. 28,987.) Claim against the insurance company $

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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You are called by the CFO of Windsor Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Inventory, March 1 $75,300 Purchases-goods placed in stock March 1-9 105,000 Sales-goods delivered to customers (gross) 83,700 Sales returns-goods returned to stock 2,800 Your client reports that the goods on hand on March 9 cost $24,200, but you determine that this figure includes goods of $7,200 received on a consignment basis. Your past records show that sales are made at approximately 20% over cost. Windsor's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to O decimal places, e.g. 28,987.) Claim against the insurance company $
Transcribed Image Text:You are called by the CFO of Windsor Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Inventory, March 1 $75,300 Purchases-goods placed in stock March 1-9 105,000 Sales-goods delivered to customers (gross) 83,700 Sales returns-goods returned to stock 2,800 Your client reports that the goods on hand on March 9 cost $24,200, but you determine that this figure includes goods of $7,200 received on a consignment basis. Your past records show that sales are made at approximately 20% over cost. Windsor's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to O decimal places, e.g. 28,987.) Claim against the insurance company $
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