STANISLAW CORPORATION

Computation of Inventory Fire Loss April 15, 2022

Inventory, 1/1/22 .................................................... € 75,000

Purchases, 1/1/ – 3/31/22 .................................... 52,000

April merchandise shipments paid................. 3,400

Unrecorded purchases on account ................ 15,600

Total............................................................... 146,000

Less: Shipments in transit................................ € 2,300

Merchandise returned............................ 950 3,250

Merchandise available for sale......................... 142,750

Less estimated cost of sales:

Sales, 1/1/ – 3/31/22.................................. 135,000

Sales, 4/1/ – 4/15/22

Receivables acknowledged at 4/15/22 ........................................... €46,000

Estimated receivables not acknowledged.................................. 8,000

Total........................................................ 54,000

Add collections, 4/1/ – 4/15/22 (€12,950 – €950)...................................... 12,000

Total........................................................ 66,000

Less receivables, 3/31/22 ....................... 40,000 26,000

Total sales 1/1/ – 4/15/22.................. 161,000

Less gross profit (45%* X €161,000) ............... 72,450 88,550

Estimated merchandise inventory .................. 54,200

Less: Sale of salvaged inventory ................... 3,500

Inventory fire loss................................................. € 50,700

*Computation of Gross Profit Ratio

Net sales, 2020 ......................................................... €390,000

Net sales, 2021 ......................................................... 530,000

Total net sales.............................................. 920,000

Beginning inventory ............................................... € 66,000

Net purchases, 2020 ............................................... 235,000

Net purchases, 2021 ............................................... 280,000

Total................................................................. 581,000

Less: Ending inventory ........................................ 75,000 506,000

Gross profit.................................................. €414,000

Gross profit ratio (€414,000 ÷ €920,000)........... 45%

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