mation is available:   Sales, January 1 through July 8 $ 700,000 Inventory, January 1 130,000 Purchases, January 1 through July 8 660,000 Gross profit ratio 40 %   What is the estimated inventory on July 8 immediately prior to the fire? A) $192,000. B) $370,0

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

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A: Given,  Gp ratio = 40% = 100 * Gross profit / Net sales Purchase = 420000 Net sales = 620000…

Q: Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the…

A: Inventory: In the context of a commercial enterprise, inventory refers to any item of property that…

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

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A: Inventories are the current assets held for sale or manufacture in the ordinary course of business.…

Q: On March 15, a fire destroyed MyCompany's entire retail inventory. The inventory on hand as of…

A: Cost of goods sold = Beginning inventory + Purchases + Freight in - Closing inventory

Q: Over the past 3 years, the gross profit rate for Jini Company was 30%. Last week a fire destroyed…

A: Inventory destroyed = Beginning inventory + Net purchases - Cost of goods sold Cost of goods sold =…

Q: (i)The inventory costing $ 150,000 being ordered by customers before the year end was excluded from…

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Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20--. Fortunately,…

A: The gross profit is calculated as the difference between sales and cost of goods sold. The estimated…

Q: Crane Company lost all of its inventory in a fire on December 26, 2022. The accounting records…

A: The cost of goods sold is the formula used to compute the cost incurred on the goods sold during the…

Q: On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC…

A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…

Q: The Hibiscus Lodge is a trader in plastic ornaments. On January 31, 2012 a fire       destroyed a…

A: Inventory is one of the important current asset being used in business. Cost of goods sold means…

Q: On August 31, a hurricane destroyed a retail location of Vinny's Clothier including the entire…

A: Effective inventory management is important to the success of any business that sells physical…

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A: Gross Profit is profit earned on selling the goods, which is calculated by deducting Cost of goods…

Q: A company provides the following information related to its inventory during the month of August,…

A: Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Q: Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

Q: Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Frick Company began the accounting period with $60,000 of merchandise, and the net cost of purchases…

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Q: A fire completely destroyed the entire inventory of Printing Delight Co. on March 15, 20--.…

A: Part (1)   Calculation of the cost of goods sold for the time period Net Sales - Gross Profit =…

Q: On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store.…

A: >Ending inventory is the amount of inventory left on hand at the end of period. >Due to…

Q: A flood on 30th Nov destroyed some of a company’s inventory and its inventory records. The following…

A: Lets understand the basics. When due to any reason inventory gets destroyed then it needs to record…

Q: A flood destroyed a company's warehouse contents on September 12. The following information was the…

A: The formual for ending inventory is as follows:

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A: “Hello, since you have posted multiple questions. We will solve first question for you. Please…

Q: A company's store was destroyed by an earthquake on February 10. Only the following information for…

A: Cost of goods sold = Net sales - Gross profit where, Gross profit = Net sales x Gross profit rate

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: he following information is available for October for Pharoah Company. (Round answers to 0 decimal…

A: solution: given Beginning inventory $320000 Net purchases 1040000 Net sales…

Q: Based on the preceding information, determine:  Net purchases , Cost of goods sold  and  Estimated…

A: Inventory: Inventory is a current asset account of the company that records the goods held by the…

Q: 5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately,…

A: Gross profit = sales * gross profit percentage

Q: Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: Cost of goods sold:Cost of goods sold (COGS) refers to the direct costs of producing the goods sold…