Homework Answers
| Sales | 681000 | A | ||
| Gross Profit Ratio | 22% | B | ||
| Gross Profit | 149820 | C=A*B | ||
| Cost of Goods Sold | 531180 | A-C | ||
| Calculation of Inventory on July 8: | ||||
| Inventory, Jan 1 | 149000 | |||
| Add: Purchases | 643000 | |||
| Total Available Inventory | 792000 | |||
| Less: Cost of Goods Sold | 531180 | |||
| Inventory, Jan 8 | 260820 | |||
| Answer is $260820/- | ||||
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tire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available sales, January...
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.
1. Cinnamon Buns Co. (CBC) started 2018 with $53,000 of merchandise on hand. During 2018, $285,000...
1. Cinnamon Buns Co. (CBC) started 2018 with $53,000 of merchandise on hand. During 2018, $285,000 in merchandise was purchased on account with credit terms of 1/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,700. Merchandise with an invoice amount of $3900 was returned for credit. Cost of goods sold for the year was $313,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming...
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:
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$144,000Net purchases, January 1 through September 22374,000Net sales, January 1 through September 22570,000Gross profit ratio30%Required:Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method.
Gross Profit Method: Estimation of Fire Loss On September 28, 2016, a fire destroyed the entire...
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On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin S...
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...
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...
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...
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...
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...
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 $ 156,000 Net purchases, January 1 through September 22 386,000 Net sales, January 1 through September 22 630,000 Gross profit ratio 20 % Required: Complete the below table to estimate the cost of inventory destroyed in the flood using...
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...
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