Business, 24.03.2020 05:38, Derrick253

The inventory of Cullumber Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained:
Sales Revenue $51,000.
Sales Returns and Allowances $1,100.
Purchases $31,000.
Freight-In $1,200, and Purchase Returns and Allowances $1,500.
Required:
Determine the merchandise lost by fire, assuming:
1. A beginning inventory of $20,000 and a gross profit rate of 40% on net sales.
2. A beginning inventory of $30,000 and a gross profit rate of 30% on net sales.

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The inventory of Cullumber Company was destroyed by fire on March 1. From an examination of the acco...