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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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Need help with this question solution general accounting

The merchandise inventory was destroyed by fire on
December 13. The following data were obtained from the
accounting records:
Jan. 1
Merchandise inventory
$295,000
Jan. 1-Dec. 13 Purchases (net)
$1,973,000
Sales (net)
$3,600,000
Estimated gross profit rate 44%
Estimate the cost of the merchandise destroyed.

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On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC Merchandising Company. The following data are available:Inventory, January 1 - P 90,000Purchases, January 1 through June 19 - 660,000Sales, January 1 through June 19 - 876,000Sales discount – 6,000Markup percentage on cost - 20%What is the approximate inventory loss as a result of the fire?
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The merchandise inventory was destroyed by fire this question solution
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 $573000 Inventory, January 1 91000 Purchases, January 1 through April 15 477500 20% Markup on cost The amount of the inventory loss is estimated to be • $91000. O $109200. O $95500. O $45500.
A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,200 2. Purchases for the period: $17,200 3. Sales for the period: $55,200 4. Sales returns for the period: $720 The company's average gross profit ratio is 37%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $11,077.60. $25,242.40. $28,602.00. $45,400.00. $44,400.00.
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