i need the answer quickly Quebec Traffic Company had a fire on March 10, 2023, that destroyed a majorportion of its inventory. The salvaged accounting records contained the followinginformation:Sales, January 1 to March 10...............Net merchandise purchased January 1 to March 10.............Additional information was determined from the 2022 annual report:Income statement:Sales.............$ 355,600187,400Cost of goods sold.....Balance sheet:Merchandise inventory........Quebec Traffic was able to salvage inventory with a cost of $106,300.$3,300,0001,782,000299,100RequiredDetermine the amount of inventory lost by Quebec Traffic as a result of the fire.Quebec Traffic has a December 31 year-end. Round the gross profit ratio to thenearest whole percentage point.

The gross profit method is used to determine the amount of inventory lost by fire. It is important…

Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.

Required Determine the amount of inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14PA: Assuming a companys year-end inventory were overstated by $5,000, indicate the effect...

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Question

i need the answer quickly

Quebec Traffic Company had a fire on March 10, 2023, that destroyed a major
portion of its inventory. The salvaged accounting records contained the following
information:
Sales, January 1 to March 10...............
Net merchandise purchased January 1 to March 10.............
Additional information was determined from the 2022 annual report:
Income statement:
Sales.............
$ 355,600
187,400
Cost of goods sold.....
Balance sheet:
Merchandise inventory........
Quebec Traffic was able to salvage inventory with a cost of $106,300.
$3,300,000
1,782,000
299,100
Required
Determine the amount of inventory lost by Quebec Traffic as a result of the fire.
Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the
nearest whole percentage point.

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