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Underwater, Inc. had a flood in its plant that destroyed most of its inventory. Its records...
A flash flood swept through Dad, Inc.’s warehouse on May 1. After the flood, Hat’s accounting...
A flash flood swept through Dad, Inc.’s warehouse on May 1. After the flood, Hat’s accounting records showed the following: Inventory, January 1 $35,000 Purchases, January 1 through May 1 200,000 Sales, January 1 through May 1 250,000 Inventory not damaged by flood 30,000 Gross profit percentage on sales 40% What amount of inventory was lost in the flood? $55,000 $85,000 $120,000 $150,000
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.
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: Beginning inventory Purchases to date of storm Sales to date of storm $202,900 396,100 595,100 The value of undamaged inventory counted...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: $197,400 101 600 Beginning inventory Purchases to date of storm Sales to date of storm 598,900 The value of undamaged inventory...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: Beginning inventory Purchases to date of storm Sales to date of storm $198,900 400,300 599,800 The value of undamaged inventory counted...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing LLULUM is available from its accounting records: Inventory, January 1, 2018 Purchases, Jan. 1 - Mar. 17 Sales, Jan. 1 - Mar. 17 Normal gross margin $ 208,000 420,000 600,000 40% Required: Compute the estimated cost of inventory lost in the flood. (3 pts) Show your work or you will lose 1 point. 14) Andover Stores uses the average cost retail method to estimate...
Cardi, Inc. Company lost most of its inventory in a fire in November just before the...
Cardi, Inc. Company lost most of its inventory in a fire in November just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $186,000 Sales $863,000 Purchases 667,000 Sales returns 64,000 Purchase returns 46,000 Gross profit percentage based on net selling price 25% Merchandise with a selling price of $65,000 remained undamaged after the fire, and damaged merchandise has a salvage value of $26,400. The company does not carry fire insurance on its inventory. a)...
On November 21, 2016, a flood at Hodge Company's warehouse caused severe damage to its entire...
On November 21, 2016, a flood at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $11,100. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2016 $97,000 Purchases from November 1, 2016, to date of flood 147,000 Net sales from November 1, 2016, to date of flood 220,000 Based on recent history, Hodge had a gross margin...
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...
Problem 9-06 Pina Company lost most of its inventory in a fire in December just before...
Problem 9-06 Pina 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 $ 79,700 285,800 27,700 Sales revenue Sales returns Gross profit % based on net selling price $414,200 21,400 33 % Merchandise with a selling price of $29,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: Beginning inventory Purchases to date of storm Sales to date of storm $202,900 396,100 595,100 The value of undamaged inventory counted...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: $197,400 101 600 Beginning inventory Purchases to date of storm Sales to date of storm 598,900 The value of undamaged inventory...
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: Beginning inventory Purchases to date of storm Sales to date of storm $198,900 400,300 599,800 The value of undamaged inventory counted...
13) On March 17, 2018, a flood destroyed the entire inventory of Beatty Co. The touwing LLULUM is available from its accounting records: Inventory, January 1, 2018 Purchases, Jan. 1 - Mar. 17 Sales, Jan. 1 - Mar. 17 Normal gross margin $ 208,000 420,000 600,000 40% Required: Compute the estimated cost of inventory lost in the flood. (3 pts) Show your work or you will lose 1 point. 14) Andover Stores uses the average cost retail method to estimate...
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...
Problem 9-06 Pina 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 $ 79,700 285,800 27,700 Sales revenue Sales returns Gross profit % based on net selling price $414,200 21,400 33 % Merchandise with a selling price of $29,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire...
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