Determine teh inventory loss suffered as result of the fire

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Reference no: EM131224104

Regan Manufacturing began operations five years ago. On August 13, 2015, a fire broke out in the warehouse destroying all inventory and many accounting records relating to the inventory. The information availaible is presented below. All sales and purchases are on account. Inventory as on january 1,2015 was $128,400.. Accounts receivable as on jan. 1 was 152,640....and on aug 13 it was 148,520. Accounts payable on Jan 1 was 91,320 and on aug 13 it was 105,600. Collection on accounts receivable, Jan 1 - Aug 13 was $797,300. Payments to suppliers was $463,800. Goods out on consignment at August 13, at cost 29,300. Summary of previous years sales in 2012 sales were $842,000 and gross profit on sales was 336,800. FOr 2013 it was $765,000 and 290,700. For 2014 it was $820,000 and 344,400. INSTRUCTIONS: Determine teh inventory loss suffered as a result of the fire.

Reference no: EM131224104

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Determine teh inventory loss suffered as result of the fire : Regan Manufacturing began operations five years ago. On August 13, 2015, a fire broke out in the warehouse destroying all inventory and many accounting records relating to the inventory. The information availaible is presented below. All sales and pu..

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