Homework Answers
| Beginning inventory | $ 438,800 |
| Add: Purchases | $ 1,122,920 |
| Less: Cost of goods sold ($1,766,600*60%) | $ 1,059,960 |
| Add: Freight in | $ 62,500 |
| Inventory on February 10, 2017 | $ 564,260 |
You can reach me over comment box if you have any doubts. Please
rate this answer
Add Answer to:
A fire destroys all of the merchandise of Sarasota Company on February 10, 2017. Presented below...
Question 14 A fire destroys all of the merchandise of Teal Company on February 10, 2017....
Question 14 A fire destroys all of the merchandise of Teal Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017 $387,900 Sales revenue to February 10, 2017 1,859,000 Purchases to February 10, 2017 1,036,570 Freight-in to February 10, 2017 56,110 Rate of gross profit on selling price What is the approximate inventory on February 10, 2017? Inventory at February 10, 2017
Question 14 A fire destroys all of the merchandise of Novak Company on February 10, 2020....
Question 14 A fire destroys all of the merchandise of Novak Company on February 10, 2020. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2020 $439,300 Sales revenue to February 10, 2020 1,872,200 Purchases to February 10, 2020 1,110,680 Freight-in to February 10, 2020 59,100 Rate of gross profit on selling price 45% What is the approximate inventory on February 10, 2020? Inventory at February 10, 2020 Click if you would like to...
Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below...
Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. $148,700 Inventory, May 1 Purchases (gross) 678,400 30,500 Freight-in Sales revenue 1,095,000 Sales returns 70,300 Purchase discounts 11,800 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media Compute the estimated inventory at May 31, assuming that the gross profit...
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...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,300,000. From January 1 through the time of the fire, the company made purchases of $1,366,000, incurred freight-in of $156,000, and had sales of $2,420,000. Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory that was destroyed?
on october 31, a fire destroyed pharaoh inc.’s entire retail inventory. on hand as of january...
on october 31, a fire destroyed pharaoh inc.’s entire retail
inventory. on hand as of january 1 totaled $2680000. From january
through the time of the fire, the company made purchases of $636000
and had sales of $1408000. Assuming the rate of gross profit to
selling price is 40%, what is the approximate value of the
inventory that was destroyed?
On October 31, afre destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2680000....
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...
On June 3, 2017, Sarasota Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $5,600) with terms...
On June 3, 2017, Sarasota Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $5,600) with terms of n/60, f.o.b. shipping point. Sarasota estimates that merchandise with a sales value of $800 will be returned. An invoice totaling $120 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Sarasota $200 of merchandise containing flaws. Sarasota estimates the returned items...
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records...
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2021 $ 2,070,000 Purchases to date 5,970,000 Freight-in 570,000 Sales to date 9,900,000 The gross profit ratio has averaged 30% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2021$2,010,000Purchases to date5,910,000Freight-in510,000Sales to date9,300,000The gross profit ratio has averaged 25% of sales for the past four years. Required:Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
Question 14 A fire destroys all of the merchandise of Teal Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017 $387,900 Sales revenue to February 10, 2017 1,859,000 Purchases to February 10, 2017 1,036,570 Freight-in to February 10, 2017 56,110 Rate of gross profit on selling price What is the approximate inventory on February 10, 2017? Inventory at February 10, 2017
Question 14 A fire destroys all of the merchandise of Novak Company on February 10, 2020. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2020 $439,300 Sales revenue to February 10, 2020 1,872,200 Purchases to February 10, 2020 1,110,680 Freight-in to February 10, 2020 59,100 Rate of gross profit on selling price 45% What is the approximate inventory on February 10, 2020? Inventory at February 10, 2020 Click if you would like to...
Sarasota Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. $148,700 Inventory, May 1 Purchases (gross) 678,400 30,500 Freight-in Sales revenue 1,095,000 Sales returns 70,300 Purchase discounts 11,800 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 $ eTextbook and Media Compute the estimated inventory at May 31, assuming that the gross profit...
on october 31, a fire destroyed pharaoh inc.’s entire retail
inventory. on hand as of january 1 totaled $2680000. From january
through the time of the fire, the company made purchases of $636000
and had sales of $1408000. Assuming the rate of gross profit to
selling price is 40%, what is the approximate value of the
inventory that was destroyed?
On October 31, afre destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2680000....
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...
Most questions answered within 3 hours.
-
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 2 minutes ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 4 minutes ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 40 minutes ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 2 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 2 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 2 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 3 hours ago -
1. In eukaryotic cells the genomes of
&
asked 3 hours ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 3 hours ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 3 hours ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 3 hours ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 4 hours ago