Switzer, Inc. has 5 computers that have been part of the inventory for over two years. Each computer cost $600 and originally retailed for $900. At the statement date, each computer has a current replacement cost of $400. How much loss should Switzer, Inc. record for the year?Sub. Account.
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- Sheridan, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $620 and originally retailed for $920. At the statement date, each computer has a net realizable value of $420. What value should Sheridan, Inc., have for the computers at the end of the year? $3360. $7360. $4960. $2480.At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following: Merchandise inventory, January 1, 2021 $1,900,000Purchases to date 5,800,000Freight-in 400,000Sales to date 8,200,000 The gross profit ratio has averaged 20% of sales for the past four years.Required:Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
- Beltrack Co. has a normal gross profit of 45%. On the night of October 5, 2020., welders remodeling a section of the warehouse neglected to turn off all of their equipment, and a resulting fire did damage to the warehouse and some of the inventory. The following is made available to you from January 1, 2020 to October 5, 2020: Sales Delivery Expense $3,400 Inventory after fire on Oct 6th $66,500 Inventory on January 1, 2018 $211,500 Purchase Returns $7,200 Purchases $212,400 Sales $330,500 Sales Returns $4,200 Transportation In $4,800 a Required: Prepare a schedule based on the above date to compute the Cost of Goods Available for Sale Give your answer here b Required: What is the historical cost of goods…On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $600,000 Inventory, January 1 100,000 Purchases, January 1 through April 15 500,000 Markup on cost 25% The amount of the inventory loss is estimated to be O a. $120,000. O b. $100,000. O C. $150,000. O d. $60,000. Quitar mi elección ere to search 近In 2022, Sargent Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $300. It made purchases of $5,640 but returned $80 worth of merchandise. Sales prior to the ice storm were $9,400. Sargent must use the gross profit method to determine inventory on hand on the date of the casualty. The following is an excerpt of its income statement for the last three years. 2019 2020 2021 Net Sales $5,000 $6,000 $9,000 Cost of Goods Sold 2,150 2,340 3,312 General and Administrative Expense 500 600 900 Depreciation Expense 125 200 325 Operating Income $2,225 $2,860 $4,463 Requirement. Assume that Sargent uses the most recent three years of net sales and cost of goods sold to determine its historical gross profit. What are estimated cost of goods sold, estimated gross profit, and estimated ending…
- Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year.On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $300,000 Inventory, January 1 50,000 Purchases, January 1 through April 15 250,000 Markup on cost 25% The amount of the inventory loss is estimated to be $Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus: Less: Cost of Goods Sold
- During the year, Deci’s Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been__. A. $570,000 B. $600,000 C. $630,000 D. Unable to determineOn September 30, 2020, a fire at Gray Company’s warehouse caused severe damage to its entire inventory. Based on recent history, Gray has a gross profit of 30% of net sales. A physical inventory disclosed usable damaged goods which Gray estimates can be sold to a jobber for P50,000. The following information is available from Gray's records for the nine months ended September 30, 2020.Inventory, Jan. 1 - P550,000Total purchases recorded, Jan. 1 – Sept. 30 (includes P120,000 of goods still in transit, shipped Sept. 29, FOB shipping point) - P3,120,000Freight in - P60,000Purchase returns - P200,000Purchase discounts - P80,000Total sales delivered and recorded, Jan. 1 – Sept. 30 - P3,900,000Sales returns - P160,000Sales discounts - P40,000Using the gross profit method, how much is the inventory loss?Crane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.