You are called by Tim Duncan of Swifty Co. on July 16 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, July 1 $ 34,200 Purchases-goods placed in stock July 1-15 84,600 Sales revenue-goods delivered to customers (gross) 112.000 Sales returns-goods returned to stock 3,900 Your client reports that the goods on hand on July 16 cost $31,200, but you determine that this figure includes goods of $6,600 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, eg. 78.73% and final answer to 0 decimal places, e.g. 28,987.) Claim against the insurance company

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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You are called by Tim Duncan of Swifty Co. on July 16 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, July 1
$34,200
Purchases-goods placed in stock July 1-15
84,600
Sales revenue-goods delivered to customers (gross)
112,000
Sales returns-goods returned to stock
3,900
Your client reports that the goods on hand on July 16 cost $31,200, but you determine that this figure includes goods of
$6,600 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan'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 0 decimal places, e.g. 28,987.)
Claim against the insurance company
$4
Transcribed Image Text:You are called by Tim Duncan of Swifty Co. on July 16 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, July 1 $34,200 Purchases-goods placed in stock July 1-15 84,600 Sales revenue-goods delivered to customers (gross) 112,000 Sales returns-goods returned to stock 3,900 Your client reports that the goods on hand on July 16 cost $31,200, but you determine that this figure includes goods of $6,600 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. Duncan'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 0 decimal places, e.g. 28,987.) Claim against the insurance company $4
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