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.
Homework Answers
Add Answer to:
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:
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.
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018 Accounting records...
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018 Accounting records on that date indicated the following Merchandise inventory. January 1, 2018 purchases to date Sales to date 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 < Prev 3 of 10 Next >
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 September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $144,000 374,000 570,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company’s periodic inventory system:
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company’s periodic inventory system: Inventory, January 1, 2021$144,000Net purchases, January 1 through September 22374,000Net sales, January 1 through September 22570,000Gross profit ratio30%Required:Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method.
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $147,000 377,000 585,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: $156,000 386,000 Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio 630,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company’s periodic inventory system: Inventory, January 1, 2021 $ 156,000 Net purchases, January 1 through September 22 386,000 Net sales, January 1 through September 22 630,000 Gross profit ratio 20 % Required: Complete the below table to estimate the cost of inventory destroyed in the flood using...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $154,000 384,000 620,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
mework 0 Saved On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse own...
mework 0 Saved On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $156, 386, se 63e, eee Required: Complete the below table to estimate the cost of inventory destroyed in the...
A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018 Accounting records on that date indicated the following Merchandise inventory. January 1, 2018 purchases to date Sales to date 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 < Prev 3 of 10 Next >
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $144,000 374,000 570,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $147,000 377,000 585,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: $156,000 386,000 Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio 630,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $154,000 384,000 620,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
mework 0 Saved On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $156, 386, se 63e, eee Required: Complete the below table to estimate the cost of inventory destroyed in the...
Most questions answered within 3 hours.
-
Aluminum is cast in an insulating ceramic mold with no
superheat. The thickness of the casting...
asked 11 seconds ago -
Discuss the current status of Ulmus americana and the reasons for
it status. (answer in detail...
asked 10 minutes ago -
Q3. A car moves with a constant velocity of 25m/s east with
respect to a person...
asked 15 minutes ago -
If a bond currently sold at $865 with a yield to maturity of 8%
and a...
asked 32 minutes ago -
Q20
You are an international MIS consultant and have been asked to
brief a potential client...
asked 32 minutes ago -
Why companies use the variable costing method when the
absorption costing is the method approved by...
asked 36 minutes ago -
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 5 hours ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 5 hours ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 6 hours ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 6 hours ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 7 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 7 hours ago