Vaughn Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $138,300, and purchases...
Vaughn Corporation’s April 30 inventory was destroyed by fire.
January 1 inventory was $138,300, and purchases for January through
April totaled $492,100. Sales revenue for the same period was
$698,900. Vaughn’s normal gross profit percentage is 35% on
sales.
Using the gross profit method, estimate Vaughn’s April 30 inventory
that was destroyed by fire.
| Estimated ending inventory destroyed in fire |
Homework Answers
Answer
| A | Sales | $698,900 | |
| B=A x 35% | Gross Profits | $244,615 | |
| C = A - B | Cost of Goods Sold | $454,285 | |
| D | Beginning inventory | $138,300 | |
| E | Purchases | $492,100 | |
| F = D+E | Cost of Goods available for sale | $630,400 | |
| G = F - C | Estimated ending inventory destroyed in fire | $176,115 | Answer |
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