6. The inventory of Pedigo Company was destroyed by fire on April 1. From an...
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Accounting
6. The inventory of Pedigo Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained: Sales $185,000 Sales Returns and Allowances 5,000 Purchases 90,000 Freight-In 3,500 Purchase Returns and Allowances 4,000 Instructions Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales
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