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Determine the amount of inventory burned on September

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Question - PT. HARMONIKA on September 1, 2007 experienced a fire which consumed all goods in the warehouse. The following is information regarding the accounting records that the company can save.

Inventories as of January 1, 2007. IDR 500,000.00

Transactions during 1 January-1 September 2007:

Purchase 1,350,000.00

Purchase Discount 100,000.00

Purchase return 150,000.00

Sales 3,000,000.00

Discounts of Sales 250,000.00

Sales Returns 150,000,00

Purchase Transportation Costs. 125,000.00

General Administration Fee 400,000.00

Selling Costs 250,000, 00

Estimated Gross Profit Rate 40%

Required - Determine the amount of inventory burned on September 1, 2007, if the company uses the gross profit method to estimate the total merchandise inventory value.

Reference no: EM132956003

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