Multiple Choice
Howard's Supply Co.suffered a fire loss on April 20,2016.The company's last physical inventory was taken January 30,2016,at which time the inventory totaled $220,000.Sales from January 30 to April 20 were $600,000 and purchases during that time were $450,000.Howard's consistently reports a 30% gross profit.The estimated inventory loss is:
A) $490,000.
B) $238,000.
C) $250,000.
D) None of these answer choices are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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