1) Isposito Company has experienced an inventory loss due to
fire on November 22, 2010. The following account balances are as of
November 22, 2010:
An inventory was taken immediately after the fire and shows a
salvageable inventory of $10,000. During the past year, cost of
goods sold equaled 60% of net sales.
What is the amount of inventory lost due to the fire?
a) $63,600
b) $73,600
c) $50,000
d) $53,600
Homework Answers
Cost of Goods available for sale = Beginning inventory + Net purchases
= 80,000 + (153,000-5,000)
= 228,000
Cost of Goods Sold = Net sales*60%
= (280,000-6,000)*60%
= 164,400
Ending inventory
= Cost of Goods available for sale - Cost of Goods Sold
= 228,000 - 164,400
= 63,600
Inventory lost = Ending inventory - Salvage
= 63,600 - 10,000
= 53,600
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