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Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ eTextbook and Media Save for Later Assistance Used Attempts: 0 of 4 used Submit Answer

Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ eTextbook and Media Save for Later Assistance Used Attempts: 0 of 4 used Submit Answer

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1CP
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Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ eTextbook and Media Save for Later Assistance Used Attempts: 0 of 4 used Submit Answer
Transcribed Image Text:Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ eTextbook and Media Save for Later Assistance Used Attempts: 0 of 4 used Submit Answer
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