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Exercise 9-17 You are called by Tim Duncan of CUllumber Co. on July 16 and...

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Accounting

Exercise 9-17

You are called by Tim Duncan of CUllumber Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be take immediately. the following data are available.

Inventory July 1 $38,200
Purchases goods placed in stock July 1-15 80,300
Sale revenue goods delivered to customers (gross) 124,800
Sales return goods returned to stock 4,400

Your client reports that the goods on hand on July16 cost $29,400, but you determine that this figure includes goods of $5,500 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. duncan's insurance covers only goods owned.

Claim against the insurance company $__________

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