Ans. | Estimated ending inventory destroyed in fire = Cost of goods available - Estimated cost of goods sold | ||||
$656,000 - $443,380 | |||||
$212,620 | |||||
*Working Notes: | |||||
Cost of goods available = Beginning inventory + Purchase | |||||
$144,800 + $511,200 | |||||
$656,000 | |||||
Gross profit = Sales * Gross profit margin | |||||
$633,400 * 30% | |||||
$190,020 | |||||
Estimated cost of goods sold = Sales - Gross profit | |||||
$633,400 - $190,020 | |||||
$443,380 | |||||
OURCES Brief Exercise 9-09 x Your answer is incorrect. Try again. Novak Corporation's April 30 inventory was destro...
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