Marigold Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.
Lumber | 25% | |
Millwork | 30% | |
Hardware and fittings | 40% |
On August 18, a fire destroyed the office, lumber shed, and a
considerable portion of the lumber stacked in the yard. To file a
report of loss for insurance purposes, the company must know what
the inventories were immediately preceding the fire. No detail or
perpetual inventory records of any kind were maintained. The only
pertinent information you are able to obtain are the following
facts from the general ledger, which was kept in a fireproof vault
and thus escaped destruction.
Lumber |
Millwork |
Hardware |
||||
Inventory, Jan. 1, 2017 | $251,500 | $90,700 | $45,200 | |||
Purchases to Aug. 18, 2017 | 1,517,100 | 377,800 | 158,400 | |||
Sales to Aug. 18, 2017 | 2,062,200 | 548,600 | 221,200 |
Submit your estimate of the inventory amounts immediately preceding
the fire. (Round ratios for computational purposes to 5
decimal places, e.g. 78.74265% and final answers to 0 decimal
places, e.g. 28,987.)
Lumber |
Millwork |
Hardware |
||||
Inventory | $ | $ | $ |
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Marigold Lumber Company handles three principal lines of merchandise with these varying rates of gross profit...
Exercise 9-18 Blossom Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber Millwork 25% 30% 40% Hardware and fittings On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were...
Riverbed Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction. Lumber Millwork Hardware Inventory, Jan. 1, 2017 $246,100 $91,600...
Crane Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The...
Martinez Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The...
Marigold Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The...
Exercise 9-18 Cullumber Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were...
Stellar Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The...
Int Practice and ons Manual Question 8 CPAexcel Con- Access View Policies Current Attempt in Progress ssions Windsor Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. erences borations PLUS Support Lumber 25% Millwork 30% Hardware and fittings 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must...