Homework Answers
Cost of goods sold = (667200-25200) *(1-0.4) = $385200
Cost of undamaged goods = 23100*(1-0.4) = $13860
Amount of loss = Beginning inventory +Net purchase - Cost of goods sold - undamaged goods - realizable value of damaged goods
= 166700 +(426700-27000) - 385200 - 13860 - 5800
= $161, 540
Add Answer to:
Headland Company lost most of its inventory in a fire in December just before the year-end...
amarisk Company lost most of its inventory in a fire in December just before the year-end...
amarisk Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following. Beginning inventory $158,100 Sales revenue $646,500 Purchases for the year 391,500 Sales returns 22,000 Purchase returns 31,100 Rate of gross profit on net sales 30 % Merchandise with a selling price of $23,100 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,700 had a net realizable value of $5,500....
Flounder Company lost most of its inventory in a fire in December just before the year-end...
Flounder Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $163,800 420,400 31,600 Sales revenue Sales returns Rate of gross profit on net sales $666,700 22,600 20% Merchandise with a selling price of $20,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,800 had a net realizable value of $5,600. Compute...
Pronghorn Company lost most of its inventory in a fire in December just before the year-end...
Pronghorn Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $170,200 425,600 32,500 Sales revenue Sales returns Rate of gross profit on net sales $658,800 23,300 40% Merchandise with a selling price of $22,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,200 had a net realizable value of $4,900. Compute...
Flint Company lost most of its inventory in a fire in December just before the year-end...
Flint Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following. Beginning inventory $161,400 Sales revenue $632,700 Purchases for the year 398,600 Sales returns 26,400 Purchase returns 33,000 Rate of gross profit on net sales 40 % Merchandise with a selling price of $22,200 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,700 had a net realizable value of $5,400....
lint Company lost most of its inventory in a fire in December just before the year-end...
lint Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following. Beginning inventory $161,400 Sales revenue $632,700 Purchases for the year 398,600 Sales returns 26,400 Purchase returns 33,000 Rate of gross profit on net sales 40 % Merchandise with a selling price of $22,200 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,700 had a net realizable value of $5,400....
Stellar Company lost most of its inventory in a fire in December just before the year-end...
Stellar Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Merchandise with a selling price of $21,700 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,500 had a net realizable value of $5,400. Compute the amount of the...
Martinez Corp. lost most of its inventory in a fire in December, just before the year-end physica...
Martinez Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following: Beginning inventory $350,000 Sales Purchases for the year 820,000 Sales returns Purchase returns $1,224,400 48,000 77,000 Gross margin on sales 40% Merchandise with a selling price of $45,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $31,000 had a net realizable value of $11,600 Calculate the amount lost because...
Problem 8-10 Bramble Corp. lost most of its inventory in a fire in December, just before...
Problem 8-10
Bramble Corp. lost most of its inventory in a fire in December,
just before the year-end physical inventory was taken. The
corporation’s books disclosed the following:
Beginning inventory
$
440,000
Sales
$
1,276,700
Purchases for the year
780,000
Sales returns
52,000
Purchase returns
77,000
Gross margin on sales
37
%
Merchandise with a selling price of $38,000 remained undamaged
after the fire. Damaged merchandise with an original selling price
of $27,000 had a net realizable value of $10,600....
Exercise 9-16 Stelar Comcany lost mostof ts Inventory in a fire in December just before the...
Exercise 9-16 Stelar Comcany lost mostof ts Inventory in a fire in December just before the year end phyical inventory was taken. The n a fire in December just before the year-end physical inventory was t corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Herchandise with a selling price of $21,700 remained undamaged after the fire. Damaged...
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...
Flounder Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $163,800 420,400 31,600 Sales revenue Sales returns Rate of gross profit on net sales $666,700 22,600 20% Merchandise with a selling price of $20,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,800 had a net realizable value of $5,600. Compute...
Pronghorn Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $170,200 425,600 32,500 Sales revenue Sales returns Rate of gross profit on net sales $658,800 23,300 40% Merchandise with a selling price of $22,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,200 had a net realizable value of $4,900. Compute...
Stellar Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Merchandise with a selling price of $21,700 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,500 had a net realizable value of $5,400. Compute the amount of the...
Martinez Corp. lost most of its inventory in a fire in December, just before the year-end physical inventory was taken. The corporation's books disclosed the following: Beginning inventory $350,000 Sales Purchases for the year 820,000 Sales returns Purchase returns $1,224,400 48,000 77,000 Gross margin on sales 40% Merchandise with a selling price of $45,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $31,000 had a net realizable value of $11,600 Calculate the amount lost because...
Problem 8-10
Bramble Corp. lost most of its inventory in a fire in December,
just before the year-end physical inventory was taken. The
corporation’s books disclosed the following:
Beginning inventory
$
440,000
Sales
$
1,276,700
Purchases for the year
780,000
Sales returns
52,000
Purchase returns
77,000
Gross margin on sales
37
%
Merchandise with a selling price of $38,000 remained undamaged
after the fire. Damaged merchandise with an original selling price
of $27,000 had a net realizable value of $10,600....
Exercise 9-16 Stelar Comcany lost mostof ts Inventory in a fire in December just before the year end phyical inventory was taken. The n a fire in December just before the year-end physical inventory was t corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $177,000 358,900 29,300 Sales revenue Sales returns Rate of gross profit on net sales $646,500 25,200 30 % Herchandise with a selling price of $21,700 remained undamaged after the fire. Damaged...
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 $8,900. The company does not carry fire insurance on...
Most questions answered within 3 hours.
-
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 55 minutes ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 11 minutes ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 14 minutes ago -
If you have a 1M stock solution and you want to dilute 1 :10
with water,...
asked 16 minutes ago -
In a load instruction, the effective address is obtained by
A) Retriving the address from a...
asked 16 minutes ago -
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions)...
asked 17 minutes ago -
A mutual fund salesperson has arranged to call on four people
tomorrow. Based on past experience...
asked 50 minutes ago -
Let the RV Y has the pdf
f ( y ) = 6 y ( 1...
asked 1 hour ago -
Question 12
Where should a copy of a private key should be placed so it is...
asked 19 minutes ago -
What is the entropy change to the surroundings when 1 mol of ice
melts in someone's...
asked 39 minutes ago -
Pt1
An electrochemical cell is set up at 25°C based on the overall
reaction represented by...
asked 45 minutes ago -
Explain traveling wave theory. Explain how the peaking of the
wave leads to action potentials and...
asked 36 minutes ago