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 $55,000 Purchases, January 1 through September 1 $310,000 Sales, January 1 through September 1 Inventory not damaged by fire Gross profit percentage on sales What amount of inventory was lost in the fire? a. $259,000 b. $61,000 c. $106,000 d. $55,000 $370,000 $45,000 30%
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What amount of inventory was lost in the fire?
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- I need answerOn 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.On February 7 of the following year,the merchandise inventory was destroyed by fire based on the following data obtained from the accounting records,estimate the cost of the merchandise destroyed: Jan 1 merchandise inventory 140,600 Jan 1-Feb 7 purchase (net) 38,000 Jan 1-Feb sales (net)........68,000 Estimated gross profit rate ....40%
- 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 $57,000Need answer the accounting questionA fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20- $94,000 Net purchases, January 1 through August 5 407,000 Net sales, January 1 through August 5 733,000 Normal gross profit as a percentage of sales 40% Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.
- A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,200 2. Purchases for the period: $17,200 3. Sales for the period: $55,200 4. Sales returns for the period: $720 The company's average gross profit ratio is 37%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $11,077.60. $25,242.40. $28,602.00. $45,400.00. $44,400.00.I want solutionOn June 29, 20x1, a fire damaged the warehouse and factory of an entity completely destroying the unisuredmerchandise inventory. The following data are available:Inventory, January 1 60,000Purchases, January 1 – June 29 580,000Sales, January 1 – June 29 770,000Markup based on cost 25%How much is the estimated inventory fire loss?
- On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC Merchandising Company. The following data are available:Inventory, January 1 - P 90,000Purchases, January 1 through June 19 - 660,000Sales, January 1 through June 19 - 876,000Sales discount – 6,000Markup percentage on cost - 20%What is the approximate inventory loss as a result of the fire?On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC Merchandising Company. The following data are available:Inventory, January 1 - P 90,000Purchases, January 1 through June 19 - 660,000Sales, January 1 through June 19 - 876,000Sales discount – 6,000Markup percentage on cost - 20%What is the approximate inventory loss as a result of the fire? PS. I answered 25,000 and it is wrong.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 $300,000 Inventory, January 1 50,000 Purchases, January 1 through April 15 250,000 Markup on cost 25% The amount of the inventory loss is estimated to be $