O august 18 a fire destroyed the office lumber shed and a

Reference no: EM13589522

Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.

Lumber		25%
Millwork		30%
Hardware and fittings		40%

On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.

	Lumber	Millwork	Hardware
Inventory, Jan. 1, 2014	$265,900	$93,470	$45,600
Purchases to Aug. 18, 2014	1,544,900	375,100	160,300
Sales to Aug. 18, 2014	2,064,500	538,590	261,240

Submit your estimate of the inventory amounts immediately preceding the fire.

Inventory $
Lumber $
Millwork $
Hardware $

Reference no: EM13589522

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