A fre wiped out Paine Paper Company's tInventory The insurance company will accept an estimate using the retail method Last year's balance sheet stated that the ending inventorywas $12,000 and it would usually sell for $38,000 Mr Pichai knows that the cost of purchases was $130 000 and the retail seling prices for the paper totalled $278,000 Credt cardreceipts indicate that there was $253 000 of sales since the beginning of the yoar Cakulate the cost of the lost ending inwentory for the insurance company (Round the retail ratioto two decimai places and the final answer to the nearest dollar.)The lost ending inventory is

calculation of cost of ending inventory using retail method Particulars Cost Retail Beginning…

A fre wiped out Paine Paper Company's Inventory The insurance company will accept an estenate using the retal method Last year's balance sheet stated that the ending inventory was $12.000 and it would usualy sel for $38,000 Mr Pichai knows that the cost of purchases was $130 000 and the retail seling prces for the paper totalled $278,000 Credt card receipts indicate that there was 5253,000 of sales since the beginning of the year Calculate the cost of the lost ending inventory for the insurance company (Round the retail ratio to two decimal places and the final answer to the nearest dollar.)

A fre wiped out Paine Paper Company's Inventory The insurance company will accept an estenate using the retal method Last year's balance sheet stated that the ending inventory was $12.000 and it would usualy sel for $38,000 Mr Pichai knows that the cost of purchases was $130 000 and the retail seling prces for the paper totalled $278,000 Credt card receipts indicate that there was 5253,000 of sales since the beginning of the year Calculate the cost of the lost ending inventory for the insurance company (Round the retail ratio to two decimal places and the final answer to the nearest dollar.)

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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Blue Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,000, and purchases for January through April totaled $467,300. Sales revenue for the same period was $684,500. Blue's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Blue's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
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A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2024 Purchases to date Freight-in Sales to date $ 1,940,000 5,840,000 Estimated loss from fire 440,000 8,600,000 The gross profit ratio has averaged 20% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
Blossom Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $168,500 Amount of the loss 412,700 30,100 Sales revenue Sales returns Rate of gross profit on net sales $628,200 25,600 20 % Merchandise with a selling price of $20,300 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,200 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.
A fire wiped out Plymouth Paper Company's Inventory. The insurance company will accept an estimate using the retail method Last year's balance sheet stated that the ending inventory was $13,000 and it would usually sell for $38,000 Mr Pichai knows that the cost of purchases was $160,000 and the retail selling prices for the paper totalled $297,000. Credit card receipts indicate that there was $238,000 of sales since the beginning of the year Calculate the cost of the lost ending inventory for the insurance company. (Round the retail ratio to two decimal places and the final answer to the nearest dollar.) The lost ending inventory is $