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*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020....
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
1) Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
Exercise 6-20 The inventory of Monty Corp. was destroyed by fire on March 1. From an...
Exercise 6-20 The inventory of Monty Corp. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $52,000, Sales Returns and Allowances $1,500, Purchases $35,500, Freight-In $1,400, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming: A beginning inventory of $21,500 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost A...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,000, Purchases $31,200, Freight-In $1,200, and Purchase Returns and Allowances $1,400. nation of the accounting records, the following data for the first 2 months of the year are Determine the merchandise lost by fire, assuming: A beginning inventory...
How to arrive at answer? The inventory of Tamarisk, Inc. was destroyed by fire on March...
How to arrive at answer?
The inventory of Tamarisk, Inc. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,400, Purchases $39,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: Your Answer Correct Answer Your answer is correct. A beginning inventory of $21,000 and a gross profit rate...
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...
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...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,300,000. From January 1 through the time of the fire, the company made purchases of $1,366,000, incurred freight-in of $156,000, and had sales of $2,420,000. Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory that was destroyed?
Berta Company recently lost its entire inventory in a fire. The following information is available from...
Berta Company recently lost its entire inventory in a fire. The following information is available from its accounting records: Beginning inventory: $1,000; purchases: $13,000; net sales: $20,000. The company's average gross profit percentage is 40%. Using the gross profit method, a reasonable estimate of the lost inventory would be
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)...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
Exercise 6-20 The inventory of Monty Corp. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $52,000, Sales Returns and Allowances $1,500, Purchases $35,500, Freight-In $1,400, and Purchase Returns and Allowances $1,600. Determine the merchandise lost by fire, assuming: A beginning inventory of $21,500 and a gross profit rate of 40% on net sales. Estimated cost of merchandise lost A...
Exercise 6-20 a-b The inventory of Hang Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,000, Purchases $31,200, Freight-In $1,200, and Purchase Returns and Allowances $1,400. nation of the accounting records, the following data for the first 2 months of the year are Determine the merchandise lost by fire, assuming: A beginning inventory...
How to arrive at answer?
The inventory of Tamarisk, Inc. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,400, Purchases $39,000, Freight-In $1,200, and Purchase Returns and Allowances $1,700. Determine the merchandise lost by fire, assuming: Your Answer Correct Answer Your answer is correct. A beginning inventory of $21,000 and a gross profit rate...
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...
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...
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