Homework Answers
| January 1 inventory | 63440 | ||
| Add: Purchases of Inventory | 118631 | ||
| Cost of goods available | 182071 | ||
| Less: Cost of goods sold | |||
| Sales | 149490 | ||
| Less: Gross Profit | 50827 | =149490*34.00% | |
| Cost of goods sold | 98663 | ||
| Insurance claim | 83408 | =182071-98663 |
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