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Question: exercise 917 you are called by tim duncan of sunland...

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Exercise 9-17 You are called by Tim Duncan of Sunland 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 Purchases-goods placed in stock July 1-15 Sales revenue-goods delivered to customers (gross) Sales returns-goods returned to stock 39,900 87,800 114,600 4,300 Your client reports that the goods on hand on July 16 cost $31,400, but you determine that this figure includes goods of $6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Duncans insurance covers only goods owned Compute the claim against the insurance company. Round ratios for computational purposes to 2 decimal places, eg. 78.73% and final answer to 0 decimal places, eg. 28,987 Claim against the insurance companys

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