Cost of goods available for sale = $168,500 + $412,700 - $30,100 = $551,100
Cost of goods sold = ($628,200 - $25,600) - 20% = $482,080
Ending Inventory = $551,100 - $482,080 = $69,020
Cost of undamaged merchandise = $20,300 - 20% = $16,240
Amount of loss = $69,020 - $16,240 - $5,200 = $47,580
Exercise 9-16 * Your answer is incorrect. Try again. Ivanhoe Company lost most of its inventory in a fire in December j...
Exercise 9-16 x Your answer is incorrect. Try again. Wallace 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 $170,000 390,000 30,000 Sales revenue Sales returns Rate of gross profit on net sales $650,000 24,000 40 % Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price...
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...
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...
Headland 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 $166,700 426,700 27,000 Sales revenue Sales returns Rate of gross profit on net sales $667,200 40 % Merchandise with a selling price of $23,100 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,900 had a net realizable value of $5,800 Compute...
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....
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....
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....
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...
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...
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....