On April 25 2011 a flash flood destroyed one of #3737

On April 25, 2011, a flash flood destroyed one of Kane Company's warehouses, destroying all
of the inventory inside. The company had inventory at other locations which were not affected
by the flood. Fortunately for the company, all of the accounting records were kept in the main
office inside a building at a different location. A search through the records revealed the
following information:Purchases up to April 25…………………………. $742,500Cost of inventory on hand
January 1…………….. $137,200Sales up to April 25………………………………. $ 1,028,000Cost-to-sale
2011……………………….. 65%A count of inventory on hand at the other locations revealed that inventor
costed at $121,300 was on hand.Required:Determine the cost of the inventory that was
destroyed in the flash flood.View Solution:
On April 25 2011 a flash flood destroyed one of

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