Unformatted text preview: purchases for 20X5, prior to the date of the burglary, were $376,000. All inventory was purchased, FOB destination. 20X5 Sales taxes collected by Aurora and remitted to the state, prior to the date of the theft, were $48,000. The sales tax rate is 6% of sales. An inventory was taken immediately after the burglary and the cost of dresses in stock was $123,000. Aurora consistently sells dresses at a gross profit margin of 45%. Use the gross profit method to estimate the dollar value of stolen dresses....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11