Question:Deluxe Auto Parts holds inventory all over the world. Assume that the records for oneauto part show the following:Beginning inventory $220,000Net purchasesNet salesGross profit rate800,0001,100,00045%Suppose this inventory, stored in the United States, was lost in a fire.Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.

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Answered: Question: Deluxe Auto Parts holds…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Use the gross profit method
Need Correct solution. @ General Account
Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following: Beginning inventory Net purchases $2,20,000 8,00,000 Net sales 11,00,000 Gross profit rate 45% Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
Project the average inventory balance in Year X and use it to compute the implied ending inventory balance. Round to the nearest dollar except for Inventory Turnover (IT). For IT round to 2 places beyond the decimal point. Walton’s (data in millions) Year X-1 Year X Year X+1 Revenue $ 58,790 $ 63.541 ? Cost of Goods Sold 38,518 42,445 ? Ending Inventory 7,250 7,350 ? Inventory Turnover ? Average Inventory ?
Answer the following questions. Show your solutions in good form. 1. Fenn Company provided the following information for the current year. Merchandise purchased for resale Freight in Freight out Purchase returns Interest on inventory loan 4,000,000 100,000 50,000 20,000 200,000 What is the inventoriable cost of the purchase? a. 4,280,000 b. 4,030,000 C. 4,080,000 d. 4,130,000
How much is the cost of goods sold for the period???
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Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 O D. $168,000
what is the inventory turnover ratio?
Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?
Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Clark Corporation. (Click the icon to view the data.) The cost of ending inventory is The cost of goods sold is Data table Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold 880 Quantity Unit Cost 140 $ 210 350 80 270 $ 11.00 $ 14.00 $ Total - X 1,540 2,940
Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much sales revenue will Funky Dance report from the sale? (Assume the company records sales at the net amount.) O A. $247,500 B. $250,000 C. $82,000 OD. $168,000

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