Coastal Shores Inc. (CSI) was destroyed by Hurricane Fred on August 5, 2013. At January 1, CSI reported an inventory of $170,000. Sales from January 1, 2013, to August 5, 2013, totaled $480,000 and purchases totaled $195,000 during that time. CSI consistently marks up its products 60% over cost to arrive at a selling price. The estimated inventory loss due to Hurricane Fred would be:
A) $131,175.
B) $65,000.
C) $17,143.
D) None of the above is correct.
Correct Answer:
Verified
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