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Pet Valye, Inc. maintains a GROSS margin of 754, on all of merchandive in september the...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September 1-September 28 $51,000 Purchases, September 1-September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance cla...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September 1-September 28 $51,000 Purchases, September 1-September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above...
Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at...
Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. This consists of 51 tents at a cost of $206 each and 97 tents at a cost of $223 each. During April, the company had the following purchases and sales of tents: Sales Purchases Units Unit Cost Date Apr. 3 Units 75 Unit Price $414 202 $271 249 414 287 290 198 414 Determine the cost of goods sold...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years,...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending...
When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31. Year 2 Beginning inventory Purchases Sales Estimated gross margin percentage $ 227,500 $ 815,000 $1,162,500 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $403,125 $639,375 TB MC Qu. 05-78 When preparing its quarterly financial statements.....
Gross Profit Method: Estimation of Fire Loss On September 28, 2016, a fire destroyed the entire...
Gross Profit Method: Estimation of Fire Loss On September 28, 2016, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available: Sales, January 1–September 28, 2016 $560,000 Inventory, January 1, 2016 $150,000 Merchandise purchases, January 1–September 28, 2016 (including $50,000 of goods in transit on September 28, 2016, shipped FOB shipping point) $476,000 Markup percentage on cost 25% Required: What is the estimated inventory on September 28, 2016, immediately prior to the fire? CARROLL CORPORATION...
Show the work！Thank you Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a...
Show the work！Thank you
Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents. This consists of 50 tents at a cost of $212 each and 102 tents at a cost of $226 each. During April, the company had the following purchases and sales of tents: Purchases Sales Units Unit Cost Units Unit Price Date Apr. 3 $409 75 194 $273 10 17 238 409 24 295 292 30...
Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents....
Indigo Outdoor Stores Inc. uses a perpetual inventory system and
has a beginning inventory, as at April 1, of 152 tents. This
consists of 50 tents at a cost of $212 each and 102 tents at a cost
of $226 each. During April, the company had the following purchases
and sales of tents:
Purchases Sales
Date Units
Unit Cost
Units Unit Price
Apr. 3
75
$409
10 194
...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, a flood at Hodge Company's...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, 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 $8,400. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2019 Purchases from November 1, 2019, to date of flood Net sales from November 1, 2019, to date of flood $97,000 132,000 221,000 Based on...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory,...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents at a cost of $210 each and 98 tents at a cost of $225 each. During April, the company had the following purchases and sales of tents: Purchases Units Unit Cost Date Apr. 3 10 Sales Units Unit Price 79 $420 205 $272 261 420 307 289 200 420 X Your answer...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September 1-September 28 $51,000 Purchases, September 1-September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above...
Gross Profit Method: Estimation of Theft Loss You are requested by a client on September 28 to prepare an insurance claim for a theft loss that occurred on that day. You immediately take an inventory and obtain the following data: Inventory, September 1 $38,000 Sales, September 1-September 28 $51,000 Purchases, September 1-September 28 19,000 The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year, net sales were made at 50% above...
Bramble Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 148 tents. This consists of 51 tents at a cost of $206 each and 97 tents at a cost of $223 each. During April, the company had the following purchases and sales of tents: Sales Purchases Units Unit Cost Date Apr. 3 Units 75 Unit Price $414 202 $271 249 414 287 290 198 414 Determine the cost of goods sold...
Problem 17.4A Estimating inventory by the gross profit method. LO 17-4 Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information. $1,649,000 Sales Cost of Goods Inventory, January 1, 2019 Purchases Total Merchandise Available for Sale Less Inventory, December 31, 2019 Cost of Goods Sold Gross Profit on Sales $ 115,000 1,150,000 1,265,000 132,875 1, 132, 125 $ 516,875...
When preparing its quarterly financial statements, Pace Co. uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31. Year 2 Beginning inventory Purchases Sales Estimated gross margin percentage $ 227,500 $ 815,000 $1,162,500 45% What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $403,125 $639,375 TB MC Qu. 05-78 When preparing its quarterly financial statements.....
Show the work！Thank you
Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents. This consists of 50 tents at a cost of $212 each and 102 tents at a cost of $226 each. During April, the company had the following purchases and sales of tents: Purchases Sales Units Unit Cost Units Unit Price Date Apr. 3 $409 75 194 $273 10 17 238 409 24 295 292 30...
Indigo Outdoor Stores Inc. uses a perpetual inventory system and
has a beginning inventory, as at April 1, of 152 tents. This
consists of 50 tents at a cost of $212 each and 102 tents at a cost
of $226 each. During April, the company had the following purchases
and sales of tents:
Purchases Sales
Date Units
Unit Cost
Units Unit Price
Apr. 3
75
$409
10 194
...
Gross Profit Method: Estimation of Flood Loss On November 21, 2019, 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 $8,400. The following information was available from Hodge's accounting records for Product Tex: Inventory at November 1, 2019 Purchases from November 1, 2019, to date of flood Net sales from November 1, 2019, to date of flood $97,000 132,000 221,000 Based on...
Question 11 Grouper Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents at a cost of $210 each and 98 tents at a cost of $225 each. During April, the company had the following purchases and sales of tents: Purchases Units Unit Cost Date Apr. 3 10 Sales Units Unit Price 79 $420 205 $272 261 420 307 289 200 420 X Your answer...
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