Smith Distributors, Inc., supplies ice cream shops with various
toppings for making sundaes. On November 17, 2016, a fire resulted
in the loss of all of the toppings stored in one section of the
warehouse. The company must provide its insurance company with an
estimate of the amount of inventory lost. The following information
is available from the company’s accounting records:
Fruit toppings
Marshmellow toppings
Chocolate toppings
Inventory, January 1, 2016
$20,000
$7,000
$3,000
Net purchaes thru Nov. 17
150,000...