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What would be the inventory loss if the company undamaged

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Reference no: EM131753379

On December 31, a fire destroyed most of the merchandise on hand at Winker's Wink Inc. The following information is available: Sales of $ 900,000; gross profit is 40% (based on retail);

Purchases $ 750,000 (which included goods shipped FOB destination which were in transit on 12/31 in the amount of $ 60,000)Beginning inventory was $ 20,000.

What would be the inventory loss if the company had undamaged inventory priced at $ 10,000 and damaged inventory sold as salvage for $ 2000?

a. 162,000
b. 222,000
c. 158,000
d. 170,000

Reference no: EM131753379

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