On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were P105,000.  On February 1 a fire destroyed most of the inventory.  The rate of gross profit was 25% of cost.  Merchandise with a selling price of P7,500 remained undamaged after the fire.  Compute the amount of the fire loss, assuming the store had no insurance coverage.

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

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Q: When Laura Rapp arrived at her store on the morning of January 29, she found empty shelvesand…

A: Gross profit = 45% * $70000 = $31500 COGS = $70000 -$31500 = $38500 Inventory at the time of theft =…

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…

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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…

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Q: Rahul

A: To compute the cost of goods destroyed, just please follow the following steps: Step 1: Calculate…

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A: Cost of goods sold means the cost of goods which has been actually sold out during the year. When we…

Q: Carson's Bakery purchased $40,000 worth of inventory on account from their vendor. The terms were…

A: Amount to be paid = ( Total due - Return ) * ( 1 - Discount rate )

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Q: 10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

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…

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

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.