A fire destroyed the inventory of Zabo Company.The following information is available:
Required:
1.Prepare a schedule to compute the amount of inventory lost in the fire using the gross profit method.
2.Prepare the required journal entry after the fire.

Question

A fire destroyed the inventory of Zabo Company.The following information is available:
  Required:
1.Prepare a schedule to compute the amount of inventory lost in the fire using the gross profit method.
2.Prepare the required journal entry after the fire.

Quizplus · Accepted Answer

The Answer of A fire destroyed the inventory of Zabo Company.The following information is available:
  Required:
1.Prepare a schedule to compute the amount of inventory lost in the fire using the gross profit method.
2.Prepare the required journal entry after the fire.

A Fire Destroyed the Inventory of Zabo Company