Question VI - On January 20, 2011, the records of the Stewart Company revealed the following information: Inventory, July 1, 2010 Purchases, July 1, 2010-January 20, 2011 Sales, July 1, 2010-January 20, 2011 Purchases returns. $ 53,600 368,000 583,000 11,200 Purchases discounts taken $5,800 Freight-in Sales returns 3,800 6,600 A fire destroyed the entire inventory on January 20, 2011 except for purchases in transit, FOB shipping point of $6,000, and goods having a selling price of $4,700 that were salvaged from the fire. The salvaged goods had an estimated cost of $2,900. The average gross profit on net sales in previous periods was 40%. 1. Compute the cost of the inventory lost in the fire.

Question VI - On January 20, 2011, the records of the Stewart Company revealed the following information: Inventory, July 1, 2010 Purchases, July 1, 2010-January 20, 2011 Sales, July 1, 2010-January 20, 2011 Purchases returns. $ 53,600 368,000 583,000 11,200 Purchases discounts taken $5,800 Freight-in Sales returns 3,800 6,600 A fire destroyed the entire inventory on January 20, 2011 except for purchases in transit, FOB shipping point of $6,000, and goods having a selling price of $4,700 that were salvaged from the fire. The salvaged goods had an estimated cost of $2,900. The average gross profit on net sales in previous periods was 40%. 1. Compute the cost of the inventory lost in the fire.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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