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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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Question

100%

Amount of inventory?

A fire destroyed most of the inventory in Mick's
warehouse on September 1. After the fire, Mick's
accounting records showed the following:
Inventory, January 1
Purchases,
January
September 1
$78,000
1 through $310,000
Sales, January 1 through September 1 $480,000
Inventory not damaged by fire
Gross profit percentage on sales
$38,000
30%
What amount of inventory was lost in the fire?

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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.
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