You are called by Tim Duncan of Ivanhoe Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.
Inventory, July 1 $ 35,500
Purchases— goods placed in stock July 1-15 92,400
Sales revenue—goods delivered to customers (gross) 113,200
Sales returns—goods returned to stock 4,300
Your client reports that the goods on hand on July 16 cost $32,000, but you determine that this figure includes goods of $5,700 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned.
Compute the claim against the insurance company.
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