E9-13 (Gross Profit Method) Zidek Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $92,000, freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 333% above cost and totaled $120,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goe were destroyed. Instructions (a) Compute the cost of goods destroyed. (b) Compute the cost of goods destroyed, assuming that the gross profit is 33/3% of sales. E9-14 (Gross Profit Method) Castlevania Compo nber just

E9-13 (Gross Profit Method) Zidek Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $92,000, freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 333% above cost and totaled $120,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goe were destroyed. Instructions (a) Compute the cost of goods destroyed. (b) Compute the cost of goods destroyed, assuming that the gross profit is 33/3% of sales. E9-14 (Gross Profit Method) Castlevania Compo nber just

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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Q20
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