Tennessee Ltd.'s accounting records reported the following information: A physical inventory taken on December 31, 2017 resulted in an ending inventory of $350,000.Tennessee's gross profit on sales has remained constant at 30% in recent years.Tennessee suspects some inventory may have been taken by a new employee.At December 31, 2017, what is the estimated cost of the missing inventory?

Question

Tennessee Ltd.'s accounting records reported the following information:  A physical inventory taken on December 31, 2017 resulted in an ending inventory of $350,000.Tennessee's gross profit on sales has remained constant at 30% in recent years.Tennessee suspects some inventory may have been taken by a new employee.At December 31, 2017, what is the estimated cost of the missing inventory?

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The Answer of Tennessee Ltd.'s accounting records reported the following information:  A physical inventory taken on December 31, 2017 resulted in an ending inventory of $350,000.Tennessee's gross profit on sales has remained constant at 30% in recent years.Tennessee suspects some inventory may have been taken by a new employee.At December 31, 2017, what is the estimated cost of the missing inventory?