BLANK requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $40,100. Purchases since January 1 were $70,700; freight-in, $3,200; purchase returns and allowances, $2,300. Sales are made at 33 1/3% above cost and totaled $108,200 to March 9. Goods costing $9,900 were left undamaged by the fire; remaining goods were destroyed.
Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, e.g. 78.72345% and final answer to 0 decimal places, e.g. 28,987.)
1. Cost of goods destroyed = Beginning Inventory + Purchases - purchase returns and allowances + freight-in - Cost of goods sold - undamaged goods
= $40100+70700-2300+3200 - 108200/1.3333 - 9900
= $20,650
2. Cost of goods destroyed = Beginning Inventory + Purchases - purchase returns and allowances + freight-in - Cost of goods sold - undamaged goods
= $40100+70700-2300+3200 - 108200*66.6666% - 9900
= $29667
BLANK requires an estimate of the cost of goods lost by fire on March 9. Merchandise...
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