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Question 3 You are called by Tim Duncan of Flint Co. on July 16 and...

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Question 3 You are called by Tim Duncan of Flint 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 taken immediately. The following data are available. Inventory, July 1 Purchases-goods placed in stock July 1-15 Sales revenue-goods delivered to customers (gross) Sales returns-goods returned to stock $ 36,600 87,400 123,700 4,400 Your client reports that the goods on hand on July 16 cost $30,900, but you determine that this figure includes goods of $6,500 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to 0 decimal places, e.g. 28,987.) Claim against the insurance company

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