the following information appears in B corporation's records for the year ended December 31: inventory, January 1 650,000 purchases 2,300,000 Purchase return 80,000 freight in 60,000 sales 3,400,000 sales discount 20,000 sales return 30,000 on December 31, a physical count revealed that the ending inventory wasonly 420,000. B's gross profit on net sales has remained constant at 30 percent in recent years. B suspects that some inventory may have been pilfered by one of the company's employees. On December 31, what is the estimated cost of the missing inventory? a. 151,000 b. 165,000 c. 420,000 d. 585,000
the following information appears in B corporation's records for the year ended December 31:
inventory, January 1 650,000
purchases 2,300,000
Purchase return 80,000
freight in 60,000
sales 3,400,000
sales discount 20,000
sales return 30,000
on December 31, a physical count revealed that the ending inventory wasonly 420,000. B's gross profit on net sales has remained constant at 30 percent in recent years.
B suspects that some inventory may have been pilfered by one of the company's employees. On December 31, what is the estimated cost of the missing inventory?
a. 151,000
b. 165,000
c. 420,000
d. 585,000
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