Homework Answers
Calculate inventory
| Beginning inventory | 387900 | |
| Purchase | 1036570 | |
| Add: Freight in | 56110 | |
| cost of purchase | 1092680 | |
| Cost of goods available for sale | 1480580 | |
| Less: Cost of goods sold (1859000*75%) | -1394250 | |
| Ending inventory | 86330 | |
Inventory at February 10,2017 = $86330
Add Answer to:
Question 14 A fire destroys all of the merchandise of Teal Company on 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
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...
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?
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...
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.
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....
Stellar Company lost most of its inventory in a fire in December just before the year-end...
Stellar Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Merchandise with a selling price of $21,700 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,500 had a net realizable value of $5,400. Compute the amount of the...
Swifty Company lost most of its inventory in a fire in December just before the year-end...
Swifty Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) Purchases Purchase returns $ 79,700 287,900 28,300 Sales revenue Sales returns Gross profit % based on net selling price $413,500 21,200 35 % Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,900. The company does not carry fire insurance on...
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
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...
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 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....
Stellar Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Merchandise with a selling price of $21,700 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,500 had a net realizable value of $5,400. Compute the amount of the...
Swifty Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) Purchases Purchase returns $ 79,700 287,900 28,300 Sales revenue Sales returns Gross profit % based on net selling price $413,500 21,200 35 % Merchandise with a selling price of $30,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,900. The company does not carry fire insurance on...
Most questions answered within 3 hours.
-
3) What are the typical social structures in a global city?
asked 1 hour ago -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 hour ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 3 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 4 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 5 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 5 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 6 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 6 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 7 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 8 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 8 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 9 hours ago