On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC Merchandising Company. The following data are available: Inventory, January 1 - P 90,000 Purchases, January 1 through June 19 - 660,000 Sales, January 1 through June 19 - 876,000 Sales discount – 6,000 Markup percentage on cost - 20% What is the approximate inventory loss as a result of the fire?  PS. I answered 25,000 and it is wrong.

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

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

Q: How much is the estimated inventory fire loss?

A: In order to find out estimated inventory fire loss, we need to find out the cost of inventory lying…

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: Sales 1,550,000 Sales returns and allowances 40.000 Employee discounts 12,500 Est. normal losses…

A: Retail Price is taken for damaged inventory Valuation,

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: Sarasota Lumber Company handles three principal lines of merchandise with these varying rates of…

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

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

A: Sales are made at 33 1/3% above cost and totaled $111,000. Let the Cost of Goods sold be $x.…

Q: A fire destroys all of the merchandise of Assante Companyon February 10, 2017. Presented below is…

A: Calculate the cost of goods sold during the year 2017.

Q: On February 7 of the following year,the merchandise inventory was destroyed by fire based on the…

A:

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

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

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

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

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: 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…

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

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: corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase…

A: The cost of goods sold includes the cost of goods that are sold during the period. The ending…

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: Gross Profit Method The merchandise inventory was destroyed by fire on December 13. The following…

A: Gross profit method is mainly used in estimating the closing inventory by applying gross profit…

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: On March 17, 2021, a flood destroyed the entire inventory of Beatty Co. The following information is…

A:

Q: Harley Co. uses the conventrional retail method to estimate ending inventories.  The following data…

A: In conventional retail Inventory method is also called lower of cost or market approach. In this…

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

A: Gross profit method:

Q: The following information is available for July for Aluminum Company. Beginning inventory Net…

A: Ending Inventory = Beginning Inventory + Purchases - Cost of goods sold   Cost of goods sold =…

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…

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

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

Q: The following information is available for October for Sheridan Company: Beginning inventory Net…

A: Value of ending inventory is the difference between cost of goods available for sale and cost of…

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: 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: Suppose Alpine Sportswear suffered a fire loss and needs to estimate the cost of the goods…

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: 13. The following information is available for November for BFC Company. Beginning inventory Net…

A: The objective of this question is to estimate the cost of the inventory that was destroyed by the…

Q: On November 15, a fire destroyed Youngstown Inc.'s warehouse where inventory is stored. It is…

A: The gross profit method is used to determine the value of ending inventory when there is a lack of…

Q: BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end…

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

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.