On 1 September 20X6, a business had inventory of $380,000. During the month, sales totalled $650,000 and purchases $480,000. On 30 September 20X6 a fire destroyed some of the inventory. The undamaged goods in inventory were valued at $220,000. The business operates with a standard gross profit margin of 30%. Based on this information, what is the cost of the inventory destroyed in the fire?

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

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

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Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

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A: Inventory: Inventory refers to the stock of goods purchased, utilized and maintained by the company…

Q: Pronghorn Company lost most of its inventory in a fire in December just before the year-end physical…

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Q: Lily Company needs to determine the amount of inventory in its warehouse at the time that an…

A: Cost of goods available for sale = Beginning inventory + purchases Cost of goods sold = Sales -…

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: On April 31 2017 KIFOs store room was destroyed by fire. KIFO requires an estimate of the cost of…

A: Sales given is 1,080,000, using sales calculate the Cost of goods sold. Formula for cost of goods…

Q: Compute the amount of the loss as a result of the fire, assuming that the corporation had no…

A: The inventory that is sold or distributed and that has been purchased as finished goods or requires…

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

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Q: Grouper Company lost most of its inventory in a fire in December just before the year-end physical…

A: Lets understand the basics. When inventory gets damaged due to fire then loss due to fire needs to…

Q: corporation's books disclosed the following. Beginning inventory $ 183,500 Sales revenue $683,600…

A: solution : net purchase     =358400 – 30000                              =328400 Net sales…

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

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Q: Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory…

A: Inventory is considered as current assets of the company. It is considered as most valuable asset as…

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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: Sheffield Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank.…

A: working note 1. Gross profit  margin  formula =Gross profit/Net sales * 100 Gross profit will be…

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Q: On September 22, 2016, a flood destroyed the entire merchandise inventory on hand in a warehouse…

A: Gross profit method:

Q: (Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9.…

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A:

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:

Q: mation is available:   Sales, January 1 through July 8 $ 700,000 Inventory, January 1 130,000…

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

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

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Q: LAVARN Company sells milled rice in Isabela Province. On September 15, a flood destroyed the…

A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio

Q: Wildhorse Company reported the following information for November and December 2022.     November…

A: Cost of goods sold = Beginning inventory + Cost of goods purchased - Ending inventory…

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 September 30, 2020, a fire at Cherimoya Company's warehouse caused severe damage to its entire…

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A: Gross Margin = (Total Revenue – Cost of Goods Sold)/Total Revenue

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: The financial records of Dream Inc. were destroyed by fire at the end of 2020. Selected information…

A:

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

A:

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

A: 1. Cost of Goods Destroyed - Cost of Goods Destroyed by fire is the goods destroyed and reduced from…

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…

Q: Beltrack Co. has a normal gross profit of 45%.  On the night of October 5, 2020., welders remodeling…

A: A schedule for the cost of goods is prepared to determine the cost of goods available for sale, the…

Q: Wormold Industries suffered a fire in its warehouse on March 4, 2021. The warehouse was full of…

A: Gross profit method It is a method under which the historical gross profit percentage is applied to…

Q: Compute the amount of the loss as a result of the fire,

A: Amount of loss = Ending inventory - Undamaged inventory - Net realizable value of damaged…

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.