On October 31, a fire destroyed Carla Vista Inc.'s entire retail inventory. The inventory on...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On October 31, a fire destroyed Carla Vista Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2755000. From January 1 through the time of the fire, the company made purchases of $681000 and had sales of $1468000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.