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Question - Lily Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following inventory-related data for November and December.
a) Compute the gross profit rate for November.
b) Using the gross profit rate for November, determine the estimated cost of the inventory lost in the fire.
November
December (to 12/26)
Net sales
$520,000
$630,000
Beginning inventory
33,000
37,000
Purchases
381,000
423,000
Purchase returns and allowances
13,500
14,800
Purchase discounts
8,500
9,500
Freight-in
9,000
10,000
Ending inventory
?
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