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13. The following information is available for November for BFC Company. Beginning inventory Net purchases Net sales $150,000 450,000 900,000 Percentage markup on cost 66.67% Hurricane destroyed BFC's November inventory, leaving undamaged inventory with a cost of $9,000. Using the gross profit method, the estimated ending inventory destroyed by Hurricane is Beginning Inventory + Purchases = COGS Available Sales Revenue Less: Gross Profit (%) COGS Ending Inventory Goods that remained Ending Inventory

13. The following information is available for November for BFC Company. Beginning inventory Net purchases Net sales $150,000 450,000 900,000 Percentage markup on cost 66.67% Hurricane destroyed BFC's November inventory, leaving undamaged inventory with a cost of $9,000. Using the gross profit method, the estimated ending inventory destroyed by Hurricane is Beginning Inventory + Purchases = COGS Available Sales Revenue Less: Gross Profit (%) COGS Ending Inventory Goods that remained Ending Inventory

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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13. The following information is available for November for BFC Company. Beginning inventory Net purchases Net sales $150,000 450,000 900,000 Percentage markup on cost 66.67% Hurricane destroyed BFC's November inventory, leaving undamaged inventory with a cost of $9,000. Using the gross profit method, the estimated ending inventory destroyed by Hurricane is Beginning Inventory + Purchases = COGS Available Sales Revenue Less: Gross Profit (%) COGS Ending Inventory Goods that remained Ending Inventory
Transcribed Image Text:13. The following information is available for November for BFC Company. Beginning inventory Net purchases Net sales $150,000 450,000 900,000 Percentage markup on cost 66.67% Hurricane destroyed BFC's November inventory, leaving undamaged inventory with a cost of $9,000. Using the gross profit method, the estimated ending inventory destroyed by Hurricane is Beginning Inventory + Purchases = COGS Available Sales Revenue Less: Gross Profit (%) COGS Ending Inventory Goods that remained Ending Inventory
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