After the auditors counted the inventory of the Cracker Jack Manufacturing Co. and reviewed the accounting records something appeared to be amiss. Inventory that was counted totaled $ 295,000. Using the gross profit method, what did the auditors estimate as the amount of the inventory that should have been on hand at December 31, 2016?

Question

After the auditors counted the inventory of the Cracker Jack Manufacturing Co. and reviewed the accounting records something appeared to be amiss. Inventory that was counted totaled $ 295,000.  Using the gross profit method, what did the auditors estimate as the amount of the inventory that should have been on hand at December 31, 2016?

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The Answer of After the auditors counted the inventory of the Cracker Jack Manufacturing Co. and reviewed the accounting records something appeared to be amiss. Inventory that was counted totaled $ 295,000.  Using the gross profit method, what did the auditors estimate as the amount of the inventory that should have been on hand at December 31, 2016?

After the Auditors Counted the Inventory of the Cracker Jack