Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28...

Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September 1–September 28 $51,000 Purchases, September 1–September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above the cost of goods sold. Required: 1. Compute the inventory lost during the theft. Round the gross profit percentage to 3 decimal places.

Beginning inventory		$38,000
Purchases		19,000
Cost of goods available for sale		$57,000
Cost of goods sold
Ending inventory before theft		$
Ending inventory after theft		-15,000
Inventory lost		$

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ekkarill92 answered 3 years ago

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