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Calculate the amount of the insurance claim

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Reference no: EM132009982

Question - Franklin Co. has experienced gross profit ratios for 2013, 2012, and 2011 of 34.00%, 29.25%, and 32.25%, respectively. On April 3, 2014, the firm's plant and all of its inventory were destroyed by a tornado.

Accounting records for 2014, which were available because they were stored in a protected vault, showed the following:

Sales from January 1 thru April 2

$146,980

January 1 inventory amount

63,520

Purchases of inventory from
    January 1 thru April 2

118,723

Required: Calculate the amount of the insurance claim to be filed for the inventory destroyed in the tornado.

Reference no: EM132009982

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