A company's warehouse contents were destroyed by a flood on September 12. The following information was...
A company's warehouse contents were destroyed by a flood on
September 12. The following information was the only information
that was salvaged:
- Inventory, beginning: $29,000
- Purchases for the period: $18,000
- Sales for the period: $56,000
- Sales returns for the period: $800
The company's average gross profit ratio is 30%. What is the
estimated cost of the lost inventory?
Homework Answers
Cost of Goods available for sale = Beg inventory + Purchases
= 29,000+18,000
= 47,000
Cost of Goods Sold = Net sales - Gross profit
= (56,000-800) - 30%
= 38,640.
Estimated cost of lost inventory = 47,000 - 38,640
= 8360
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A company's warehouse contents were destroyed by a flood on
September 12. The following information was...
A flood destroyed a company's warehouse contents on September 12. The following information was the only...
A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $30,000 2. Purchases for the period: $19,000 3. Sales for the period: $57.000 4. Sales returns for the period: $900 The company's average gross profit ratio is 20%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $48,000.00 $49,000.00 $37,780.00 $39,200.00
A company's warehouse contents were destroyed by a flood on September 12. The following information was...
A company's warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salveged: 1 Inventory, beginning: $29,800 2 Purchases for the perlod: $18,800 3. Sales for the period: $56,800 4 Sales returns for the perlod: $880 The company's average gross profit ratio 1.22%. What Is the estimated cost of the lost inventory?
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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 $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...
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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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A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $30,000 2. Purchases for the period: $19,000 3. Sales for the period: $57.000 4. Sales returns for the period: $900 The company's average gross profit ratio is 20%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $48,000.00 $49,000.00 $37,780.00 $39,200.00
A company's warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salveged: 1 Inventory, beginning: $29,800 2 Purchases for the perlod: $18,800 3. Sales for the period: $56,800 4 Sales returns for the perlod: $880 The company's average gross profit ratio 1.22%. What Is the estimated cost of the lost inventory?
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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 $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...
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