Homework Answers
Inventory at February 10, 2020 = Beginning inventory + Net Purchases - Cost of goods sold
= 439300 + (1110680+59100) - 1872200*(1-0.45)
= $579,370
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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 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
A fire destroys all of the merchandise of Sarasota Company on February 10, 2017. Presented below...
A fire destroys all of the merchandise of Sarasota Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017 Sales revenue to February 10, 2017 1,766,600 Purchases to February 10, 2017 1,122,920 Freight-in to February 10, 2017 Rate of gross profit on selling price 40% $438,800 62,500 What is the approximate inventory on February 10, 20177 Inventory at February 10, 2017
OURCES Brief Exercise 9-09 x Your answer is incorrect. Try again. Novak Corporation's April 30 inventory was destro...
OURCES Brief Exercise 9-09 x Your answer is incorrect. Try again. Novak Corporation's April 30 inventory was destroyed by fire, January 1 inventory was $144,000, and purchases for January through Apre toated 5511,200. Sales revenue for the same period was $633,400. Novak's normal gross profit percentages on sales. Using the gross profit method, estimate Novak' April 30 inventory that was destroyed by fire Estimated ending inventory destroyed in fire Study Open Show Work Click If you would like to Show...
Novak Company sells one product. Presented below is information for January for Novak Company. Novak Company sells one...
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for January for Novak Company.
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On February 6, Crane Company sold $109,000 of merchandise to the Lyman Company, terms 2/10 net/30....
On February 6, Crane Company sold $109,000 of merchandise to the Lyman Company, terms 2/10 net/30. The cost of the merchandise sold was $83,000. On February 8, the Lyman Company returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Crane Company received the balance due from the Lyman Company Prepare the journal entries to record the above transactions on Crane Company's books using a perpetual inventory system is entered....
Question 1 Presented below is information related to Novak Inc. Cost $252,200 816,436 59,000 18,300 Retail...
Question 1 Presented below is information related to Novak Inc. Cost $252,200 816,436 59,000 18,300 Retail $383,000 1,461,200 80,300 Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) TTTTT: 1,406,400 98,700 121,100 39,400 44,700 20,300 42,200 8,100 4,600 Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational...
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases...
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases for January through April totaled $475,500. Sales revenue for the same period was $655,200. Splish's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Splish's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire Click if you would like to Show Work for this question: Open Show Work
Presented below is information related to Novak Inc. Cost $252,200 816,436 59,000 18,300 Retail $383,000 1,461,200...
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*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020....
*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting re- cords showed the following gross profit data for February and March. Estimate inventory loss using gross profit method March ba be Net sales Net purchases Freight-in Beginning inventory Ending inventory February €300,000 197,800 2.900 4,500 25,200 (to 3/25) €260,000 191.000 4.000 25,200 Lisbon is fully insured for fire losses but must prepare a report for the insurance company a. 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...
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
A fire destroys all of the merchandise of Sarasota Company on February 10, 2017. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2017 Sales revenue to February 10, 2017 1,766,600 Purchases to February 10, 2017 1,122,920 Freight-in to February 10, 2017 Rate of gross profit on selling price 40% $438,800 62,500 What is the approximate inventory on February 10, 20177 Inventory at February 10, 2017
OURCES Brief Exercise 9-09 x Your answer is incorrect. Try again. Novak Corporation's April 30 inventory was destroyed by fire, January 1 inventory was $144,000, and purchases for January through Apre toated 5511,200. Sales revenue for the same period was $633,400. Novak's normal gross profit percentages on sales. Using the gross profit method, estimate Novak' April 30 inventory that was destroyed by fire Estimated ending inventory destroyed in fire Study Open Show Work Click If you would like to Show...
Novak Company sells one product. Presented below is information
for January for Novak Company.
Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1 4 11 13 20 27 Inventory Sale Purchase Sale Purchase Sale 125 units at $4 each 104 units at $8 each 158 units at $6 each 130 units at $9 each 149 units at $6 each 87 units at $11 each Novak uses the FIFO cost flow assumption. All purchases...
On February 6, Crane Company sold $109,000 of merchandise to the Lyman Company, terms 2/10 net/30. The cost of the merchandise sold was $83,000. On February 8, the Lyman Company returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Crane Company received the balance due from the Lyman Company Prepare the journal entries to record the above transactions on Crane Company's books using a perpetual inventory system is entered....
Question 1 Presented below is information related to Novak Inc. Cost $252,200 816,436 59,000 18,300 Retail $383,000 1,461,200 80,300 Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) TTTTT: 1,406,400 98,700 121,100 39,400 44,700 20,300 42,200 8,100 4,600 Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational...
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases for January through April totaled $475,500. Sales revenue for the same period was $655,200. Splish's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Splish's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire Click if you would like to Show Work for this question: Open Show Work
Presented below is information related to Novak Inc. Cost $252,200 816,436 59,000 18,300 Retail $383,000 1,461,200 80,300 Inventory, 12/31/20 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) 1,406,400 98,700 121,100 39,400 44,700 20,300 42,200 8,100 4,600 Assuming that Novak Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021. (Round ratios for computational purposes to O...
*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting re- cords showed the following gross profit data for February and March. Estimate inventory loss using gross profit method March ba be Net sales Net purchases Freight-in Beginning inventory Ending inventory February €300,000 197,800 2.900 4,500 25,200 (to 3/25) €260,000 191.000 4.000 25,200 Lisbon is fully insured for fire losses but must prepare a report for the insurance company a. Gross profit...
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