Business, 19.10.2021 14:00 ptrlvn01

The inventory of Blossom Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $52,500, Sales Returns and Allowances $1,300, Purchases $41,000, Freight-In $1,500, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $20,500 and a gross profit rate of 45% on net sales. Estimated cost of merchandise lost

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The inventory of Blossom Company was destroyed by fire on March 1. From an examination of the accoun...

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