Multiple Choice
Quigley Company's records indicate the following information for the year: 
On December 31, a physical inventory determined that ending inventory of ₤720,000 was in the warehouse. Quigley's gross profit on sales has remained constant at 30%. Quigley suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory?
A) ₤120,000
B) ₤240,000
C) ₤360,000
D) ₤840,000
Correct Answer:
Verified
Correct Answer:
Verified
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