Crane Legler requires an estimate of the cost of goods loss by fire on March 9 merchandise on hand on January 1 was $48, 640 purchases since January 1 were 92, 160. Freight-in in was $4352.. purchase returns and allowances were $3072.. sales are made at 33 1/3% above cost and totaled $153,000 to March 9.goods costing 13,952 were left undamaged by the fire...remaining goods were destroyed...... the cost of goods destroyed was $13,378... Now compute the cost of goods destroyed assuming that the gross profit was 33 1/3% of sales

Crane Legler requires an estimate of the cost of goods loss by fire on March 9 merchandise on hand on January 1 was $48, 640 purchases since January 1 were 92, 160. Freight-in in was $4352.. purchase returns and allowances were $3072.. sales are made at 33 1/3% above cost and totaled $153,000 to March 9.goods costing 13,952 were left undamaged by the fire...remaining goods were destroyed...... the cost of goods destroyed was $13,378... Now compute the cost of goods destroyed assuming that the gross profit was 33 1/3% of sales

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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