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b.one class of inventory, it must be used for all classes of inventory. c. domestic companies, it must be used by foreign partners. Od tax purposes, it must be used for financial reporting. QUESTION 30 California Winery, Inc. lost an entire warehouse of bottled grape juice due to the wildfires on Sept. 1, 2019. In preparing their Insurance claim on the inventory loss, they developed the following data: Inventory, Jan. 1, 2019 $ 300,000 Sales from Jan. 1 to Sept. 1, 2019 1,300,000 Purchases from Jan. 1 to Sept. 1, 2019 875,000 Gross profit percentage 30% The estimated inventory on Sept. 1, 2019 O $655,000 $425,000 $355,000 $265.000 QUESTION 31 In a perpetual inventory system, which of the following is recorded at the time of the sale? Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers F2 F3 F4 F5 F6 F7 F8 F9 F10 * 3 $ 4 % 5 6 & 7 8 9 E R Т. Y U 0 P. D E H K

Answer 1

Answer for question 30 : Option D, $2,65,000

Explanation :

Calculation of estimated inventory on sept 1 2019 is

Particularls	Amount
Inventory jan 1, 2019	$3,00,000
(+)Purchases from jan 1, 2019 to sept 1, 2019	$8,75,000
(-) sales from jan 1, 2019 to sept 1, 2019 at cost {$13,00,000 - 30%}	($9,10,000)
Estimated inventory on sept 1, 2019	$2,65,000