An inventory taken the morning after a large theft discloses $60,000 of goods on hand as of March 12. The following addi

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An Inventory Taken The Morning After A Large Theft Discloses 60 000 Of Goods On Hand As Of March 12 The Following Addi 1 (41.47 KiB) Viewed 13 times

An inventory taken the morning after a large theft discloses $60,000 of goods on hand as of March 12. The following additional data is available from the books: Inventory on hand, March 1 $ 84,000 63,000 Purchases received, March 1-11 Sales (goods delivered to customers) 120,000 Past records indicate that sales are made at 50% above selling price. Instructions a) Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss. Show appropriate titles for all amounts in your presentation. b) Now based on your wonderful calculation, make the appropriate journal entry for the inventory lost in the theft.