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*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting re- cords showed the following gross profit data for February and March. Estimate inventory loss using gross profit method March ba be Net sales Net purchases Freight-in Beginning inventory Ending inventory February €300,000 197,800 2.900 4,500 25,200 (to 3/25) €260,000 191.000 4.000 25,200 Lisbon is fully insured for fire losses but must prepare a report for the insurance company a. Gross profit...
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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...
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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...
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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...
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Problem 9-6 Nash 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 $80,900 286,500 28,200 Sales revenue Sales returns Gross profit % based on net selling price $415,300 20,700 34 % Merchandise with a selling price of $30,300 remained undamaged after the fire, and damaged merchandise has a net realizable value of $7,300. The company does not carry fire insurance...
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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...
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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...
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Problem 9-06 Pina 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 $ 79,700 285,800 27,700 Sales revenue Sales returns Gross profit % based on net selling price $414,200 21,400 33 % Merchandise with a selling price of $29,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire...
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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...
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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....
*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting re- cords showed the following gross profit data for February and March. Estimate inventory loss using gross profit method March ba be Net sales Net purchases Freight-in Beginning inventory Ending inventory February €300,000 197,800 2.900 4,500 25,200 (to 3/25) €260,000 191.000 4.000 25,200 Lisbon is fully insured for fire losses but must prepare a report for the insurance company a. Gross profit...
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...
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...
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...
Problem 9-6 Nash 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 $80,900 286,500 28,200 Sales revenue Sales returns Gross profit % based on net selling price $415,300 20,700 34 % Merchandise with a selling price of $30,300 remained undamaged after the fire, and damaged merchandise has a net realizable value of $7,300. The company does not carry fire insurance...
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...
Problem 9-06 Pina 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 $ 79,700 285,800 27,700 Sales revenue Sales returns Gross profit % based on net selling price $414,200 21,400 33 % Merchandise with a selling price of $29,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire...
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...