Crane Company reported the following information for November and December 2022. Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue November $531,000 138,000 181,650 855,000 December $606,000 181,650 ? 1,000,000 Crane's ending inventory at December 31 was destroyed in a fire.
Crane Company reported the following information for November and December 2022. Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue November $531,000 138,000 181,650 855,000 December $606,000 181,650 ? 1,000,000 Crane's ending inventory at December 31 was destroyed in a fire.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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![Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.
Estimated cost of ending inventory $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2Ff728c3f5-5361-498a-9253-7daada2ed7fd%2F24uyxuu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.
Estimated cost of ending inventory $
![Crane 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
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93d6464e-f155-4940-8921-7114e2ab97cc%2Ff728c3f5-5361-498a-9253-7daada2ed7fd%2Fndur5if_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Crane 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
%
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