Compute the amount of the fire loss

Assignment Help Accounting Basics

Reference no: EM131983536

Problem

A store had inventory of $48 000 January purchases were $46 000 and January sales were $90 000 On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Compute the amount of the fire loss assuming the store had no insurance coverage Label an figures.

Reference no: EM131983536

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