On June 19, 2014, a fire destroyed the entire uninsured merchandise inventory of the Shelf Merchandising Company. The following data are available: Inventory, January 1 .................................. $ 80,000 Purchases, January 1 through June 1 . .................. 560,000 Sales, January 1 through June 1 . ...................... 776,000 Markup percentage on cost
25% What is the approximate inventory loss as a result of the fire?
a. $19,200
b. $27,200
c. $34,000
d. $58,000
A
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