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%
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- On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.The following information is available for October for Barton Company: Beginning inventory $350,000 Net purchases 1,050,000 Net sales 2,100,000 Percentage markup on cost 66.67% A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21,000. Using the gross profit method, the estimated ending inventory destroyed by fire isMarigold Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $164,900, and purchases for January through April totaled $492,600. Sales revenue for the same period was $686,300. Marigold's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Marigold's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire
- The following information is available for October for Norton Company. Beginning inventory Net purchases Net sales Percentage markup on cost $ 4,00,000 12,00,000 24,00,000 66.67% A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $24,000. Using the gross profit method, the estimated ending inventory destroyed by fire is: a. $136,000. b. $616,000. c. $640,000. d. $800,000.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 fireThe following information is available for October for Norton Company. Beginning inventory Net purchases Net sales 4,00,000 12,00,000 24,00,000 66.67% Percentage markup on cost A fire destroyed Norton's October 31 inventory leaving undamaged inventory with a cost of 24,000. Using the gross profit method the estimated ending inventory destroyed by fire is
- 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 $A fire destroyed all ABC's merchandise inventory on October 1. On January 1 the balance in inventory was: 3557. From January 1 - October 1 sales were 17785 purchases were 16006.5 the mark up on cost was 32% The gross profit margin is ( as %, e.g. 34.23% would entered as 34.23): Answer 1 Question 1 Estimated COGS of inventory sold: Answer 2 Question 1 Estimated inventory destroyed: Answer 3 Question 1The following information is available for October for Decko Company. Beginning inventory $ 50,000 Net purchases 150,000 Net sales 300,000 Percentage markup on cost 66.67% A fire destroyed Decko’s October 31 inventory, leaving undamaged inventory with a cost of $3,000. Using the gross profit method, the estimated ending inventory destroyed by fire is $
- Blue Spruce Corporation's March 31 inventory was destroyed by fire. January 1 inventory was $171,000, and purchases for January through March totaled $592,80O. Sales revenue for the same period was $684,000. Blue Spruce's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Blue Spruce's March 31 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $The following information is available for July for Aluminum Company. Beginning inventory Net purchases Net sales Percentage markup on cost $350,000 1,050,000 2,100,000 66.67% A fire destroyed Aluminum's July 31 inventory , leaving undamaged inventory with a cost of $21,000 . Using the gross profit method , the estimated ending inventory destroyed by fire is 539000 119000 700000 560000Crane Company reported the following information for November and December 2022. Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue (a) November December $531,000 $606,000 138,000 Gross profit rate 181,650 Crane's ending inventory at December 31 was destroyed in a fire. 855,000 1,000,000 Compute the gross profit rate for November. 181,650 %
