Keen Company's accounting records indicated the following information: A physical inventory taken on December 31, 2012, resulted in an ending inventory of $1, 050,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At December 31, 2012, what is the estimated cost of missing inventory? a. $75,000.
b. $225,000.
c. $300,000.
d. $375,000.

a. $75,000.

Explanation:

The computation of the estimated cost of missing inventory is as follows

But before that the cost of goods sold is

The cost of goods sold is

= $5,700,000 × 0.75

= $4,275,000

Now as we know that

Closing Inventory = opening inventory + Purchases - Cost of goods sold

= 900,000 + 4,500,000 - 4,275,000

= $1,125,000

But it reveals that the ending inventory is $1,050,000

So, the missing inventory is

= $1,125,000 - $1,050,000

= $75,000

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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