How much is the loss on fire at Nov 6, 20X1?   a. 3,900 b. 9,150 c. 13,000 d. 30,500

Q: Butterfly Company began October with inventory of $192.000. The business made net purchases of…

A: Gross profit is the difference between sales revenue and cost of goods sold. The cost of goods sold…

Q: On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were…

A: Amount of Fire Loss = Ending Inventory - Undamaged Goods Ending Inventory = Beginning Inventory +…

Q: On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale…

A: The ending inventory is calculated as difference between cost of goods available for sale and cost…

Q: 4.The following data were available for ABC Stores at Nov. 6, 20X1: Purchases (Jan 1- Nov 5)…

A: 30% of the inventory was lost in the fire Therefore inventory Lost in fire = Closing stock on Nov…

Q: On March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: The merchandise loss can be incurred due to fire or theft, etc. This loss can be estimated with the…

Q: A fire destroyed the warehouse of Reed Enterprises, on August 31, 20Y1. The books and records of…

A: Gross profit is the difference between the sales and the cost of goods sold. The gross profit ratio…

Q: On April 15 of the current year, a fire destroyed the entire uninsüred are available: Sales, January…

A: Solution: Option(a) . 120,000 is the correct answer. The amount of inventory loss estimated…

Q: The merchandise inventory was destroyed by fire on December 13. The following data were obtained…

A:

Q: Marigold Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $164,900,…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold. In…

Q: Assume that the following was extracted from Massy’s accounting information system for  operations…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold.…

Q: n March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: solution given Inventory March 1 560000 Purchases during March 480000 Sales during…

Q: Swifty Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $159,400, and…

A: The cost of goods sold represents the total cost of the goods that are required in the production…

Q: Blue Spruce Corporation's March 31 inventory was destroyed by fire. January 1 inventory was…

A: We assume that all the inventory of 31 March was destryed by the fire.

Q: On 1 September 20x6, a business had inventory of $380,000. During the month, sales totalled $650,000…

A: We have the following information: Opening Inventory: $380,000 Sales: $650,000 Purchases: $480,000…

Q: 4. On the eve of February 14, a fire destroyed the entire merchandise inventory of Dee…

A: "Since you have asked multiple questions, we will answer only first question for you. If you want…

Q: A fire destroyed all ABC's merchandise inventory on October 1. On January 1 the balance in inventory…

A: Gross profit margin = Sales * 32/132Estimated cost of goods sold = Sales * 100/132Estimated…

Q: On March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: Loss by Fire - Loss by fire or any other natural calamities is an extraordinary loss for the…

Q: 44.The following data were available for ABC Corp at Nov 7, 20X2: Net purchases ( Jan 1-Nov 7)…

A: The Value of Closing Inventory will be ascertain by preparing Trading Account for the period.

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: The following data were collected for a retailer:Cost of goods sold $3,500,000Gross profit…

A:

Q: Blue Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,000, and…

A: Gross profit means where the cost of goods sold is deducted from net sales. Net profit means where…

Q: Assume that the following was extracted from Massy’s accounting information system for operations at…

A: Workings :- 1) Calculation of net sales :-  Sales - sales returns = $830,000 - $42,000  = $788,000…

Q: The following information is available for the past year for a retail store: Sales $121,000…

A: The objective of this question is to calculate the cost-to-retail ratio using the conventional…

Q: The following data were available for ABC Corp at Nov 7, 20X2: Net purchases ( Jan 1-Nov 7)…

A: Formula: Loss on fire at Nov. 7, 20x2 = Ending inventory  x 75% where, Ending inventory = Inventory,…

Q: On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales…

A: A Inventory balance - Beginning 1 Jan $48,000 B Purchase to date $46,000 C Cost of…

Q: On 1 September 20X6, a business had inventory of $380,000. During the month, sales totalled…

A: We have the following information On 1 September 20X6, a business had inventory of $380,000 During…

Q: On January 1, a store had inventory of P 48,000. January purchases were P 46,000 and January sales…

A: Gross profit = (Net sales/1.25)*.25 = (90000/1.25)*.25 = P18,000 Cost of goods sold = Net sales  -…