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?
Homework Answers
Cost of goods destroyed = beginning balance + purchase + freight in - cost of goods sold
= 3300000+1366000+156000-(2420000*0.70)
= $3128000
Add Answer to:
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...
On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,800,000. From January 1 through the time of the fire, the company made purchases of $2,500,000 , and had sales of $2,820,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?
on october 31, a fire destroyed pharaoh inc.’s entire retail inventory. on hand as of january...
on october 31, a fire destroyed pharaoh inc.’s entire retail
inventory. on hand as of january 1 totaled $2680000. From january
through the time of the fire, the company made purchases of $636000
and had sales of $1408000. Assuming the rate of gross profit to
selling price is 40%, what is the approximate value of the
inventory that was destroyed?
On October 31, afre destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2680000....
On March 15, a fire destroyed Interlock Company's a large portion of the firm’s inventory. The inventory on hand as of...
On March 15, a fire destroyed Interlock Company's a large portion of the firm’s inventory. The inventory on hand as of January 1 totaled $1,650,000. From January 1 through the time of the fire, the company made purchases of $683,000 and had sales of $1,210,000. Damaged inventory has a salvage value of $310,000. Inventory that survived the fire without damage has a sales value of $400,000. Required: Please show all calculations (in formula form if desired) Assuming the rate of...
On October 31, a fire destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as...
On October 31, a fire destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2740000. From January 1 through the time of the fire, the company made purchases of $672000 and had sales of $1456000. Assuming the rate of gross profit to selling price is 25%, what is the approximate value of the inventory that was destroyed? $1648000. $2320000. $2740000. $3048000.
On October 31, a fire destroyed Cullumber Inc.'s entireretail inventory. The inventory on hand as of...
On October 31, a fire destroyed Cullumber Inc.'s entireretail inventory. The inventory on hand as of January 1 totaled $2780000. From January 1 through the time of the fire, the company made purchases of $696000 and had sales of $1488000. Assuming the rate of gross profit to selling price is 30% what is the approximate value of the inventory that was destroyed $2434400 $3029600 O 51738400 52780000
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was...
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation....
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through July 8 $ 700,000 Inventory, January 1 132,000 Purchases, January 1 through July 8 642,000 Gross profit ratio 22 % What is the estimated inventory on July 8 immediately prior to the fire? Multiple Choice $141,240. $546,000. $229,200. $228,000.
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse...
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: $156,000 386,000 Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio 630,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
Exercise 9-15 Oriole Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on J...
Exercise 9-15 Oriole Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $33,440. Purchases since January 1 were $63,360; freight-in, $2,992; purchase returns and allowances, $2,112. Sales are made at 33 1/3% above cost and totaled $96,000 to March 9. Goods costing $9,592 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to...
Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1...
Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $35,720. Purchases since January 1 were 167,680, freight-in, 13,196; purchase returns and allowances, $2,256. Sales are made at 33/ above cost and totaled $105,000 to March 9. Goods costing $10,246 were left undamaged by the fire remaining poods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to decimal placer .....
on october 31, a fire destroyed pharaoh inc.’s entire retail
inventory. on hand as of january 1 totaled $2680000. From january
through the time of the fire, the company made purchases of $636000
and had sales of $1408000. Assuming the rate of gross profit to
selling price is 40%, what is the approximate value of the
inventory that was destroyed?
On October 31, afre destroyed Pharoah Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $2680000....
On October 31, a fire destroyed Cullumber Inc.'s entireretail inventory. The inventory on hand as of January 1 totaled $2780000. From January 1 through the time of the fire, the company made purchases of $696000 and had sales of $1488000. Assuming the rate of gross profit to selling price is 30% what is the approximate value of the inventory that was destroyed $2434400 $3029600 O 51738400 52780000
One of Wells Company's retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim for recovery of the cost of the lost inventory. Clearly, a physical inventory cannot be taken because the inventory has been destroyed. The branch's records were kept by the home office, and you have been asked to examine the records to determine an estimate of the cost of...
On September 22, 2021. a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: $156,000 386,000 Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio 630,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
Exercise 9-15 Oriole Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $33,440. Purchases since January 1 were $63,360; freight-in, $2,992; purchase returns and allowances, $2,112. Sales are made at 33 1/3% above cost and totaled $96,000 to March 9. Goods costing $9,592 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to...
Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $35,720. Purchases since January 1 were 167,680, freight-in, 13,196; purchase returns and allowances, $2,256. Sales are made at 33/ above cost and totaled $105,000 to March 9. Goods costing $10,246 were left undamaged by the fire remaining poods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to decimal placer .....
Most questions answered within 3 hours.
-
Suppose a random sample of 900 measurements is taken from an
unknown population. The average of...
asked 42 seconds from now -
Suppose we add another SRC instruction xor ra, rb, rc that xors
the contents of registers...
asked 29 seconds ago -
Hello, I need some help creating this class in Java. This is for
a larger project....
asked 21 minutes ago -
Why does entrepreneurs trying to employ AI into their
business organizations? What are the advantages and...
asked 19 minutes ago -
// This program is supposed to display every fifth year
// starting with 2017; that is,...
asked 21 minutes ago -
for each of the following situation, explain in what way the
experimentally determine molecular weight would...
asked 27 minutes ago -
Meiosis makes _____ cells, mitosis makes _____ cells
diploid, haploid
No answer text provided.
diploid, diploid...
asked 33 minutes ago -
13. An object slides on a horizontal surface and comes to rest
with an acceleration of...
asked 35 minutes ago -
Beta Enterprises, Inc. has a WACC of 11% and is considering a
project that requires a...
asked 35 minutes ago -
1. Interferons elicit two types of responses to virus-infected
cells. What are these?
2. What are...
asked 46 minutes ago -
Manufacturer Limited ("Manufacturer") is a
dealer in carbon fiber. Stick Limited ("SL") makes
hockey sticks. On...
asked 52 minutes ago -
Two samples of n = 5 subjects were analyzed with an
independent-samples t-test, producing a t...
asked 52 minutes ago