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Assignment 2: Inventories- Additional Valuation issues ASSIGNMENT 2: INVENTORIES - ADDITIONAL VALUATION ISSUES INTERMEDIATE ACCOUNTING I (ACC310) SEMESTER 1, 2023-2024 Timber Garments Company handles three principal lines of merchandise with these varying rates of gross profit. Men Section Women Section Kids Section 25% gross profit on cost 30% gross profit on sales 40% gross profit on cost On September 20, a fire destroyed the whole building of the business premises. 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 is the following facts from the general le

Timber Garments Company handles three principal lines of merchandise with these varying rates of gross profit. On September 20, a fire destroyed the whole building of the business premises. 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 is the following facts from the general ledger, which was kept in a fireproof vault and escaped destruction. REQUIRED: Submit your estimate of the inventory amounts immediately preceding the fire

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