Homework Answers
1) Calculate following
| Beginning inventory | 21500 | |
| Purchase | 35500 | |
| Less: Purchase returns and allowance | -1600 | |
| Net purchase | 33900 | |
| Add: Freight in | 1400 | |
| Cost of purchase | 35300 | |
| Cost of goods available for sale | 56800 | |
| Less: Cost of goods sold (52000-1500)*60% | 30300 | |
| Ending inventory lost | 26500 | |
2) Calculate following
| Beginning inventory | 37500 | |
| Purchase | 35500 | |
| Less: Purchase returns and allowance | -1600 | |
| Net purchase | 33900 | |
| Add: Freight in | 1400 | |
| Cost of purchase | 35300 | |
| Cost of goods available for sale | 72800 | |
| Less: Cost of goods sold (52000-1500)*70% | 35350 | |
| Ending inventory lost | 37450 | |
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Exercise 6-20 The inventory of Monty Corp. was destroyed by fire on March 1. From an...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,000, Purchases $31,200, Freight-In $1,200, and Purchase Returns and Allowances $1,400. nation of the accounting records, the following data for the first 2 months of the year are Determine the merchandise lost by fire, assuming: A beginning inventory...
How to arrive at answer? The inventory of Tamarisk, Inc. was destroyed by fire on March...
How to arrive at answer?
The inventory of Tamarisk, Inc. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,400, Purchases $39,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: Your Answer Correct Answer Your answer is correct. A beginning inventory of $21,000 and a gross profit rate...
he inventory of Wildhorse Co. was destroyed by fire on June 1. From an examination of...
he inventory of Wildhorse Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales $93,000; Sales Returns and Allowances $1,500; Sales Discounts $500; Freight Out $2,500; Purchases $52,200; Freight In $2,300; Purchase Returns and Allowances $2,800; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,600 and a gross profit margin of 40%. Inventory lost...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
13. (4 marks) In the early morning of January 1, 2018, Minnesota Corp.'s inventory was destroyed by fire. The follo...
13. (4 marks) In the early morning of January 1, 2018, Minnesota Corp.'s inventory was destroyed by fire. The following information was available for calendar 2017: Sales ......... ............................ $950,000 Net purchases ...................... 600,000 Beginning inventory .............. 110,000 Minnesota's gross profit on sales has averaged 35% for several years. Required: Calculate the estimated cost of the inventory destroyed. Clearly show and label calculations for possible part marks.
Looking for a solution to this question Confucius Bookstore's inventory is destroyed by a fire on...
Looking for a solution to this question
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $190,000 $352,000 $685,000 448 Estimate the cost of the inventory destroyed. Beginning inventory $ 190,000 Estimated September 5 inventory destroyed
Problem 8-10 Bramble Corp. lost most of its inventory in a fire in December, just before...
Problem 8-10
Bramble Corp. lost most of its inventory in a fire in December,
just before the year-end physical inventory was taken. The
corporation’s books disclosed the following:
Beginning inventory
$
440,000
Sales
$
1,276,700
Purchases for the year
780,000
Sales returns
52,000
Purchase returns
77,000
Gross margin on sales
37
%
Merchandise with a selling price of $38,000 remained undamaged
after the fire. Damaged merchandise with an original selling price
of $27,000 had a net realizable value of $10,600....
Exercise 9-10 Gross profit method [LO9-2] A fire destroyed a warehouse of the Goren Group, Inc.,...
Exercise 9-10 Gross profit method [LO9-2] A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2013. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2013 $ 1,900,000 Purchases to date 5,800,000 Freight-in 400,000 Sales to date 8,200,000 The gross profit ratio has averaged 20% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire. Estimated loss from from...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,000, Purchases $31,200, Freight-In $1,200, and Purchase Returns and Allowances $1,400. nation of the accounting records, the following data for the first 2 months of the year are Determine the merchandise lost by fire, assuming: A beginning inventory...
How to arrive at answer?
The inventory of Tamarisk, Inc. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,400, Purchases $39,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: Your Answer Correct Answer Your answer is correct. A beginning inventory of $21,000 and a gross profit rate...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
13. (4 marks) In the early morning of January 1, 2018, Minnesota Corp.'s inventory was destroyed by fire. The following information was available for calendar 2017: Sales ......... ............................ $950,000 Net purchases ...................... 600,000 Beginning inventory .............. 110,000 Minnesota's gross profit on sales has averaged 35% for several years. Required: Calculate the estimated cost of the inventory destroyed. Clearly show and label calculations for possible part marks.
Looking for a solution to this question
Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $190,000 $352,000 $685,000 448 Estimate the cost of the inventory destroyed. Beginning inventory $ 190,000 Estimated September 5 inventory destroyed
Problem 8-10
Bramble Corp. lost most of its inventory in a fire in December,
just before the year-end physical inventory was taken. The
corporation’s books disclosed the following:
Beginning inventory
$
440,000
Sales
$
1,276,700
Purchases for the year
780,000
Sales returns
52,000
Purchase returns
77,000
Gross margin on sales
37
%
Merchandise with a selling price of $38,000 remained undamaged
after the fire. Damaged merchandise with an original selling price
of $27,000 had a net realizable value of $10,600....
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
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