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Solution:
Beginning Inventory | 190000 |
Add: Purchases | 352000 |
Total cost of goods available for sale | 542000 |
Less: cost of goods sold [658000*(1-0.44)] | 383600 |
Estimated September 5 inventory destroyed | 158400 |
Looking for a solution to this question Confucius Bookstore's inventory is destroyed by a fire on...
Quiz Ch 6 Help Save 23 QS 6-22B Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following accounting records. data current year are available from the Beginning inventory. Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate SOS Estimate the cost of the inventory destroyed. Beginning inventory 8 81 Estimated September 6 inventory destroyed Prev 23 of...
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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...
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On September 22, 2018, 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, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $ 143,000 373,000 565,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the...