On June 13, 20X8, a fire completely destroyed all the inventory of Salmon Lumber Company. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Salmon Lumber Company for the period January 1, 20X8 through June 13, 20X8. Beginning Inventory, January 1, 20X8 Net Purchases, January 1 through June 13, 20X8 Net Sales, January 1 through June 13, 20X8 Normal gross profit percentage of sales $450,000 $200,000 $350,000 40% The estimated merchandise inventory destroyed in the fire on June 13, 2014, using the gross profit method is:
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- On June 13, 20X8, a fire completely destroyed all the inventory of Salmon Lumber Company. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Salmon Lumber Company for the period January 1, 20X8 through June 13, 20X8. Beginning Inventory, January 1, 20X8 Net Purchases, January 1 through June 13, 20X8 Net Sales, January 1 through June 13, 20X8 Normal gross profit percentage of sales $450,000 $200,000 $350,000 40% The estimated merchandise inventory destroyed in the fire on June 13, 2014, using the gross profit method is: Select one: O a. $210,000 O b. $250,000 O c. $440,000 O d. $240,000A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20- $94,000 Net purchases, January 1 through August 5 407,000 Net sales, January 1 through August 5 733,000 Normal gross profit as a percentage of sales 40% Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Estimate the cost of the inventory destroyed. Beginning inventory, Jan. 1 . $190,000 Jan. 1 through Sept. 5 purchases (net) $352,000 Jan. 1 through Sept. 5 sales (net) . $685,000 Current year’s estimated gross profit rate . 44%
- 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 Inventory, January 1 $700,000 Gross profit ratio 130,000 Purchases, January 1 through July 8 640,000 30% What is the estimated inventory on July 8 immediately prior to the fire?On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $573000 Inventory, January 1 91000 Purchases, January 1 through April 15 477500 20% Markup on cost The amount of the inventory loss is estimated to be • $91000. O $109200. O $95500. O $45500.On February 7 of the following year,the merchandise inventory was destroyed by fire based on the following data obtained from the accounting records,estimate the cost of the merchandise destroyed: Jan 1 merchandise inventory 140,600 Jan 1-Feb 7 purchase (net) 38,000 Jan 1-Feb sales (net)........68,000 Estimated gross profit rate ....40%
- The inventory of Swifty 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 $53,000, Sales Returns and Allowances $1,000, Purchases $34,000, Freight-In $1,300, and Purchase Returns and Allowances $1,500.Determine the merchandise lost by fire, assuming: A beginning inventory of $20,000 and a gross profit rate of 32% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollarsThe inventory of Swifty 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 $53,000, Sales Returns and Allowances $1,000, Purchases $34,000, Freight-In $1,300, and Purchase Returns and Allowances $1,500.Determine the merchandise lost by fire, assuming: A beginning inventory of $20,000 and a gross profit rate of 32% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollars A beginning inventory of $31,000 and a gross profit rate of 41% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollarsOn April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $600,000 Inventory, January 1 100,000 Purchases, January 1 through April 15 500,000 Markup on cost 25% The amount of the inventory loss is estimated to be O a. $120,000. O b. $100,000. O C. $150,000. O d. $60,000. Quitar mi elección ere to search 近
- A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Co. for the time period, January 1, 20-- through March 15, 20--: Beginning inventory, January 1, 20-- $45,000Net purchases, January 1, through March 15, 20-- 252,000Net sales, January 1, through March 15, 20-- 378,000Normal gross profit percentage of sales 37%Required: 1. Estimate the cost of goods sold for the time period January 1 through March 15, 20--, using the gross profit method. Estimated cost of goods sold $fill in the blank 56bde601bf83fc2_1238,1402. Estimate the amount of merchandise inventory destroyed in the fire on March 15, 20--, using the gross profit method. Estimated inventory on March 15, 20-- $fill in the blank 044dfbfd0049fde_158,860A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Co. for the time period, January 1, 20-- through March 15, 20--: Beginning inventory, January 1, 20-- $45,000 Net purchases, January 1, through March 15, 20-- 252,000 Net sales, January 1, through March 15, 20-- 378,000 Normal gross profit percentage of sales 37% Required: 1. Estimate the cost of goods sold for the time period January 1 through March 15, 20--, using the gross profit method. Estimated cost of goods sold 66,350 x Feedback 2. Estimate the amount of merchandise inventory destroyed in the fire on March 15, 20--, using the gross profit method. Estimated inventory on March 15, 20-- 22,275 x FeedbackOn April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $300,000 Inventory, January 1 50,000 Purchases, January 1 through April 15 250,000 Markup on cost 25% The amount of the inventory loss is estimated to be $