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Century 21 Accounting Multicolumn Journal

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1CP

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What amount of inventory was lost in the fire?

A fire destroyed most of the inventory in Metro Supplies'
warehouse on October 15. After the fire, Metro
Supplies' accounting records showed the following:
Inventory, January 1
$95,000
Purchases, January 1 through October 15 $425,000
Sales, January 1 through October 15
Inventory not damaged by fire
$620,000
$42,000
35%
Gross profit percentage on sales
What amount of inventory was lost in the fire?

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Need answer the accounting question
A fire on 30 September 20X2 destroyed some of a company's inventory and its inventory records. The following information is available: $ Inventory 1 September 20X2 318,000 Sales for September 20X2 612,000 Purchases for September 20X2 412,000 Inventory in good condition at 30 September 20X2 214,000 Standard gross profit percentage on sales is 25% Based on this information, what is the value of the inventory lost? A $96,000 B $271,000 C $26,400 D $57,000
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A warehouse fire on September 25 destroyed all inventory. The company retrieved the following information: Beginning Inventory (Jan. 1): $220,000 • Net Purchases (Jan. 1 - Sept. 25): $1,750,000 • Net Sales (Jan. 1 - Sept. 25): $3,000,000 • Estimated Gross Profit Rate: 38%
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.
Swifty Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $159,400, and purchases for January through April totaled $504,000. Sales revenue for the same period was $671,100. Swifty’s normal gross profit percentage is 35% on sales.Using the gross profit method, estimate Swifty’s April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $enter a dollar amount of estimated ending inventory destroyed in 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 $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

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. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. Beginning inventory Estimated September 5 inventory destroyed $ 130,000 $ 130,000 $368,000 $ 736,000 34%

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