Benediot Crop. had a fire at its main warehouse festorying all the inventory. In order to...
Benediot Crop. had a fire at its main warehouse festorying all the inventory. In order to complete the insurance claim, the CFO must compute the amount of the loss. You have been assigned to perform the calculations using the following available data:
begining inventory: 185,000
purchase up to the date of the 784000
sales up to the date of the 1457500
gross margin is always 60%
Question: How much inventory is destoryed in the fire?
Please show your calculations and build your formulas.
Homework Answers
![$185,000 $784,000 $583,000 $386,000 Begining inventory Purchases add less cost of goods sold [ 1457500 x (1-60%) ] Inventory](http://img.homeworklib.com/questions/d528b470-003a-11ec-a23d-595fbd7ba847.png?x-oss-process=image/resize,w_560)
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Benediot Crop. had a fire at its main warehouse festorying all
the inventory. In order to...
On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire...
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On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire...
On November 21, 2021, a fire 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 $28,000. The following information was available from the records of Hodge's periodic Inventory system: Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $180,000 156,000 236,000 Based on recent history, Hodge's gross profit...
On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire...
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On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire...
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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....
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just problem 6
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Exercise 9-16 * Your answer is incorrect. Try again. Ivanhoe Company lost most of its inventory in a fire in December j...
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On November 21, 2021, a fire 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 $28,000. The following information was available from the records of Hodge's periodic Inventory system: Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $180,000 156,000 236,000 Based on recent history, Hodge's gross profit...
On November 21, 2021, a fire 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 $15,000. The following information was available from the records of Hodge's periodic inventory system: Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $115,000 143,000 223,000 Based on recent history, Hodge's gross profit...
On November 21, 2021, a fire 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 $25,000. The following information was available from the records of Hodge's periodic inventory system: Inventory, November 1 Net purchases from November 1, to the date of the fire Net Sales from November 1, to the date of the fire $165,000 153,000 233,000 Based on recent history. Hodge's gross profit...
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....
FIRE AT THE MANDALORIAN MANUFACTURING PLANT! Fortunately, everyone was safe, but the inventory was ruined. The Mandalorian backs up many records in the cloud, but the inventory records are kept by hand on paper cards that are now a pile of ashes. Somehow, the Mandalorian will need to figure out the value of the ruined inventory to submit an insurance claim. Since the beginning inventory is the same as the ending inventory from the prior period, the beginning inventory figures...
The Duffy Company had a fire May 15, 2022, that destroyed all of its inventory. During the last five years, the company's gross profit rate has averaged 60%. The following information, up to May 15th, was salvaged from the accounting records: January 1 beginning inventory Purchases Purchase returns Transportation-In Sales Sales discounts Sales returns $240,000 540,000 21,000 5,700 800,000 9,600 14,000 Instructions: Use the gross profit method (Appendix 6B Page 6-31)) to prepare an estimate of the company's May 15th...
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...
just problem 6
Problem 51 Suzie's Gymnastic Supply Company had a flood. Her ending inventory last year was $400,000. Her average markup is 150% of the cost of an item. Her sales to the date of the flood were 600,000. She had purchased $300,000 in inventory prior to the flood. How much inventory did she lose? Show your calculations. Problem 6 Gracie's Gobbers, Inc. was robbed! She needs to file a claim for the loss with her insurance company. She...
Exercise 9-16 * Your answer is incorrect. Try again. Ivanhoe 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 $168,500 412,700 30,100 Sales revenue Sales returns Rate of gross profit on net sales $628,200 25,600 20 % Merchandise with a selling price of $20,300 remained undamaged after the fire. Damaged merchandise with an original selling price...
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