Sheridan Music Company sells three principal types of musical instruments, with varying percentages of gross...
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Accounting
Sheridan Music Company sells three principal types of musical instruments, with varying percentages of gross profit on cost.
| Harps | Violins | Cellos | ||||
| Gross profit percentage | 30% | 35% | 40% |
On May 9, 2017 a fire destroyed Sheridans office and the warehouse in which it stored the instruments. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. Unfortunately Sheridan Music Company did not maintain any perpetual inventory records. A general ledger was kept and computer records related to the ledger were backed up to the cloud nightly. You were able to ascertain the following from the general ledger.
| Harps | Violins | Cellos | ||||
| Inventory, Jan. 1, 2017 | $ 172,000 | $ 103,200 | $ 129,000 | |||
| Purchases to May 9, 2017 | 129,000 | 43,000 | 64,500 | |||
| Sales Revenue to May 9, 2017 | 251,550 | 127,710 | 204,680 |
Submit your estimate of the inventory amounts immediately preceding the fire.
| Harps | Violins | Cellos | ||||
| Inventory | $ enter a dollar amount | $ enter a dollar amount | $ enter a dollar amount |
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