915 You are called by inventory be taken Tim Duncan of Spurs

9-15 You are called by inventory be taken Tim Duncan of Spurs Co, on July 16 and asked to prepare a cdaim for insurance as a result of a theft that took place the night before. You suggest that an D data are available $39,040 90,330 118,000 4,440 Your dient reports that the goods on hand on July 16 cost $31,120, but you determine that this figure includes goods of $7,340 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan\'s insurance covers ony goods owned. Compute the claim against the insurance company. (Round answer to 0 decimal places, e.g. 28,987) Click if you would like to Show Work for this question

Solution

Amount of claim to be lodged Beginning Balannce of Inventory 39040 Add: Purchases 90330 Less: Cost of Goods sold 81114 ($ 118000-4440) /140*100 Ending inventory as oer books 48256 less: Stock salvage 23780 (31120-7340) Amount of claim to be lodged 24476