d. $8,570. 32 A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the book of Printing Delight Co. for the time period, January 1, 20-- through March 15, 20-: Beginning inventory, January 1, 20-- Net purchases, January 1, through March 15, 20-- Net sales, January 1, through March 15, 20-- Normal $ 45,000 252,000 378,000 gross profit percentage of sales 37% Required: Estimate the cost of goods sold for the time period January 1 through March 15, 20--, using the gross profit method. 2. 1. Estimate the amount of merchandise inventory destroyed in the fire on March 15, 20--, using the gross profit method. Estimated cost of goods sold: 1. Net sales $378,000 Estimated cost of goods sold Estimated inventofy at March 15, 20-: Inventory, January 1, 20-- 2. $ 45,000 Less estimated cost of goods sold Estimated inventory on March 15, 20--

d. $8,570. 32 A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--. Fortunately, the books were not destroyed in the fire. The following information is taken from the book of Printing Delight Co. for the time period, January 1, 20-- through March 15, 20-: Beginning inventory, January 1, 20-- Net purchases, January 1, through March 15, 20-- Net sales, January 1, through March 15, 20-- Normal $ 45,000 252,000 378,000 gross profit percentage of sales 37% Required: Estimate the cost of goods sold for the time period January 1 through March 15, 20--, using the gross profit method. 2. 1. Estimate the amount of merchandise inventory destroyed in the fire on March 15, 20--, using the gross profit method. Estimated cost of goods sold: 1. Net sales $378,000 Estimated cost of goods sold Estimated inventofy at March 15, 20-: Inventory, January 1, 20-- 2. $ 45,000 Less estimated cost of goods sold Estimated inventory on March 15, 20--

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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A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20- $94,000 Net purchases, January 1 through August 5 407,000 Net sales, January 1 through August 5 733,000 Normal gross profit as a percentage of sales 40% Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.
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The work-in process inventory of Martinez Manufacturing was completely destroyed by fire on May 1, 2019. The physical inventory count as of that date is presented below: January 1 May 1 Raw Materials P 40,000 P 60,000 Work in Process 101,500 - Finished Goods 140,000 125,000 Sales from January 1 to April 30 were P300,000. Purchases of raw materials were P100,000 and freight on purchases, P10,000. Direct labor during the period was P80,000. It was agreed with the insurance adjusters that an average gross profit rate of 35% be used and…
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On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established:Jan 01- Accounts payable 125,000.00- Raw materials 23,000.00- Work in process 63,000.00- Finished goods 55,500.00September 30- Accounts payable 146,500.00- Raw materials 28,000.00- Work in process ?- Finished goods 61,000.00The following additional information was determined:- Payments for purchases on account - 100,000.00- Freight on purchases - 12,000.00- Purchase returns 15,000.00- Direct labor 42,000.00- Manufacturing overhead 21,000.00- Sales from January to June 29 290,000.00- Sales returns 15,000.00- Sales discounts 29,000.00- Gross profit rate based on sales 40%Cost of goods manufactured is
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On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established:Jan 01- Accounts payable 125,000.00- Raw materials 23,000.00- Work in process 63,000.00- Finished goods 55,500.00September 30- Accounts payable 146,500.00- Raw materials 28,000.00- Work in process ?- Finished goods 61,000.00The following additional information was determined:- Payments for purchases on account - 100,000.00- Freight on purchases - 12,000.00- Purchase returns 15,000.00- Direct labor 42,000.00- Manufacturing overhead 21,000.00- Sales from January to June 29 290,000.00- Sales returns 15,000.00- Sales discounts 29,000.00- Gross profit rate based on sales 40%Work in Process at September 20x1 is
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