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Stellar Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost E: Millwork Hardware and fittings 40% Lumber 25% 30% 4 On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for Insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual Inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction Inventory, Jan 1, 2025 Purchases to Aug 18,2025 Sales revenue to Aug. 18, 2025 Inventory Millwork Hardware $88,600 $45,800 162,900 211,400 Lumber Lumber $249,800 1,488.200 2,055,600 494,000 Submit your estimate of the inventory amounts immediately preceding the fire. Round ratios f places, eg 78.74265% and final answers to O decimal places, s. 28,987) 380.300 Millwork putational purpo Hardware sto 5 decimal

Stellar Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost E: Millwork Hardware and fittings 40% Lumber 25% 30% 4 On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for Insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual Inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction Inventory, Jan 1, 2025 Purchases to Aug 18,2025 Sales revenue to Aug. 18, 2025 Inventory Millwork Hardware $88,600 $45,800 162,900 211,400 Lumber Lumber $249,800 1,488.200 2,055,600 494,000 Submit your estimate of the inventory amounts immediately preceding the fire. Round ratios f places, eg 78.74265% and final answers to O decimal places, s. 28,987) 380.300 Millwork putational purpo Hardware sto 5 decimal

FINANCIAL ACCOUNTING
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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Stellar Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber Millwork Hardware and fittings 25% 30% 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction Inventory Inventory, Jan 1, 2025 Purchases to Aug 18,2025 Sales revenue to Aug. 18, 2025 Millwork Hardware $45,800 162,900 211,400 Submit your estimate of the inventory amounts immediately preceding the fire. (Round ratios for computational purposes to 5 decimal places, eg. 78.74265% and final answers to 0 decimal places, e.g. 28,987) Lumber Lumber $249,800 $88,600 1,488,200 380,300 2,055,600 494,000 Millwork Hardware
Transcribed Image Text:Stellar Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber Millwork Hardware and fittings 25% 30% 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction Inventory Inventory, Jan 1, 2025 Purchases to Aug 18,2025 Sales revenue to Aug. 18, 2025 Millwork Hardware $45,800 162,900 211,400 Submit your estimate of the inventory amounts immediately preceding the fire. (Round ratios for computational purposes to 5 decimal places, eg. 78.74265% and final answers to 0 decimal places, e.g. 28,987) Lumber Lumber $249,800 $88,600 1,488,200 380,300 2,055,600 494,000 Millwork Hardware
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