Adams Corporation estimates that it lost $106,000 in inventory from a recent flood. The following information...
Adams Corporation estimates that it lost $106,000 in inventory
from a recent flood. The following information is available from
the records of the company’s periodic inventory system: beginning
inventory, $290,000; purchases and net sales from the beginning of
the year through the date of the flood, $530,000 and $840,000,
respectively.
What is the company’s gross profit ratio?
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Homework Answers
Gross profit = Purchases + Beginning Inventory - Inventory lost
Gross profit = $530,000 + $290,000 - $106,000 = $714,000
Sales = $840,000
Gross profit = $840,000 - $714,000 = $126,000
Gross profit ratio = Gross Profit / Net Sales
Gross profit ratio = $126,000/ $840,000
Gross profit ratio = 0.15
or Gross profit ratio = 15%
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Adams Corporation estimates that it lost $106,000 in inventory
from a recent flood. The following information...
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On September 22, 2018, 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: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $ 143,000 373,000 565,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the...
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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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $154,000 384,000 620,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
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mework 0 Saved 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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $156, 386, se 63e, eee Required: Complete the below table to estimate the cost of inventory destroyed in the...
On September 22, 2018, 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: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September $151,000 381,000 605,000 22 25% Gross profit ratio Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $144,000 374,000 570,000 30% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $147,000 377,000 585,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
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...
On September 22, 2018, 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: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $ 143,000 373,000 565,000 25% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the...
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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $154,000 384,000 620,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross...
On September 22, 2018, 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: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $ 158,000 388,000 640,000 253 Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the...
mework 0 Saved 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: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $156, 386, se 63e, eee Required: Complete the below table to estimate the cost of inventory destroyed in the...
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