Keen Company's accounting records indicated the following information: A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000.Keen's gross profit on sales has remained constant at 25% in recent years.Keen suspects some inventory may have been taken by a new employee.At December 31, 2010, what is the estimated cost of missing inventory?

Question

Keen Company's accounting records indicated the following information:  A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000.Keen's gross profit on sales has remained constant at 25% in recent years.Keen suspects some inventory may have been taken by a new employee.At December 31, 2010, what is the estimated cost of missing inventory?

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The Answer of Keen Company's accounting records indicated the following information:  A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000.Keen's gross profit on sales has remained constant at 25% in recent years.Keen suspects some inventory may have been taken by a new employee.At December 31, 2010, what is the estimated cost of missing inventory?

Keen Company's Accounting Records Indicated the Following Information: a Physical