SADLY PAUL CABLE SOURCE LOST MOST OF ITS INVENTORY IN A TORNADO PRIOR TO YEAR...
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SADLY PAUL CABLE SOURCE LOST MOST OF ITS INVENTORY IN A TORNADO PRIOR TO YEAR END PHYSICAL INVENTORY BEING TAKEN. CORPORATE RECORDS SHOW THE FOLLOWING AMOUNTS ON THE BOOKS: BEG INVENTORY $125,000.00 SALES REVENUE $225,000.00 PURCHASES $136,000.00 SALES RETURNS $5,699.00 PURCHASE RETURNS $8,866.00 GROSS PROFIT % BASED ON NET SELLING PRICE 47.50% CABLE WITH A SELLING VALUE OF $45000 REMAINED ON THE UNDAMAGED AFTER THE TORNADO. DAMAGED CABLE HAS A NET REALIZABLE VALUE OF $4455. CABLE SOURCE DOES NOT CARRY TORNADO INSURANCE ON ITS INVENTORY. PREPARE A FORMAL LABELED SCHEDULE COMPUTING THE TORNADO LOSS INCURRED. (DO NOT USE THE RETAIL INVENTORY METHOD)
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