The Duffy Company had a fire May 15, 2022, that destroyed all of its inventory. During...
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 >
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: 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.
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...
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
Windsor Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $154,200, and purchases for January through April totaled $525,400. Sales revenue for the same period was $687,900. Windsor's normal gross profit percentage is 30% on sales. Using the gross profit method, estimate Windsor's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
Blue Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,000, and purchases for January through April totaled $467,300. Sales revenue for the same period was $684,500. Blue's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Blue's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
Coronado Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $157,000, and purchases for January through April totaled $502,900. Sales revenue for the same period was $649,300. Coronado's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Coronado's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
Blossom Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $145,300, and purchases for January through April totaled $452,200. Sales revenue for the same period was $694,400. Blossom's normal gross profit percentage is 30% on sales. Using the gross profit method, estimate Blossom's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
Current Altempt in Progress" Windsor Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $154,200, and purchases for January through April totaled $525,400. Sales revenue for the same period was $687,900. Windsor's normal gross profit percentage is 30% on sales. Using the gross profit method, estimate Windsor's April 30 inventory that was destroyed by fire. $ Estimated ending inventory destroyed in fire