The inventory of Schooler Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained: Instructions
Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit margin of 40% on net sales.

Question

The inventory of Schooler Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained:  Instructions
Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit margin of 40% on net sales.

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The Answer of The inventory of Schooler Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained:  Instructions
Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit margin of 40% on net sales.

The Inventory of Schooler Company Was Destroyed by Fire on April