Beltrack Co. has a normal gross profit of 45%. On the night of October 5, 2020., welders remodeling a section of the warehouse neglected to turn off all of their equipment, and a resulting fire did damage to the warehouse and some of the inventory. The following is made available to you from January 1, 2020 to October 5, 2020: Sales Delivery Expense $3,400 Inventory after fire on Oct 6th $66,500 Inventory on January 1, 2018 $211,500 Purchase Returns $7,200 Purchases $212,400 Sales $330,500 Sales Returns $4,200 Transportation In $4,800 a Required: Prepare a schedule based on the above date to compute the Cost of Goods Available for Sale Give your answer here b Required: What is the historical cost of goods sold percentage? c Required: What is the estimated Cost of Goods Sold Give your answer here

Name: Beltrack Co. has a normal gross profit of 45%. On the night of Octobe
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Description: Beltrack Co. has a normal gross profit of 45%. On the night of October 5, 2020., welders remodeling a section of the warehouse neglected to turn off all of their equipment, and a resulting fire did damage to the warehouse and some of the inv

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Beltrack Co. has a normal gross profit of 45%. On the night of October 5, 2020., welders remodeling a
section of the warehouse neglected to turn off all of their equipment, and a resulting fire did damage to
the warehouse and some of the inventory. The following is made available to you from January 1, 2020
to October 5, 2020:

	Sales Delivery Expense	$3,400
	Inventory after fire on Oct 6th	$66,500
	Inventory on January 1, 2018	$211,500
	Purchase Returns	$7,200
	Purchases	$212,400
	Sales	$330,500
	Sales Returns	$4,200
	Transportation In	$4,800

a	Required: Prepare a schedule based on the above date to compute the Cost of Goods Available for Sale

	Give your answer here





b	Required: What is the historical cost of goods sold percentage?





c	Required: What is the estimated Cost of Goods Sold

	Give your answer here

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