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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- The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Merchandise inventory $ 350,000 Jan. 1 Jan. 1-Dec. 31 Purchases (net) 2,950,000 Sales 4,440,000 Estimated gross profit rate 35% a. Estimate the cost of the merchandise destroyed. b. Briefly describe the situations in which the gross profit method is useful.On February 7 of the following year,the merchandise inventory was destroyed by fire based on the following data obtained from the accounting records,estimate the cost of the merchandise destroyed: Jan 1 merchandise inventory 140,600 Jan 1-Feb 7 purchase (net) 38,000 Jan 1-Feb sales (net)........68,000 Estimated gross profit rate ....40%On June 29, 20x1, a fire damaged the warehouse and factory of an entity completely destroying the unisured merchandise inventory. The following data are available: Inventory, January 1 Purchases, January 1 – June 29 Sales, January 1 – June 29 Markup based on cost 60,000 580,000 770,000 25% How much is the estimated inventory fire loss?
- 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? PS. I answered 25,000 and it is wrong.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?7. The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records:
- 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 fire destroyed the warehouse of Reed Enterprises, on August 31, 20Y1. The books and records of Reed showed the following information on that date. Merchandise Inventory. Jan. 1, 20Y1 $600,000 Purchases to date 990,000 Freight - In 30,000 Sales to date $2,400,000 The gross profit ratio has averaged 60 % of sales for the past six years.Required:Use the gross profit method to estimate the cost of inventory destroyed by fire. Group of answer choices $660,000 $1,590,000 $1,620,000 $960,000A 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.
- Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Estimate the cost of the inventory destroyed. Beginning inventory, Jan. 1 . $190,000 Jan. 1 through Sept. 5 purchases (net) $352,000 Jan. 1 through Sept. 5 sales (net) . $685,000 Current year’s estimated gross profit rate . 44%On June 29, 20x1, a fire damaged the warehouse and factory of an entity completely destroying the unisuredmerchandise inventory. The following data are available:Inventory, January 1 60,000Purchases, January 1 – June 29 580,000Sales, January 1 – June 29 770,000Markup based on cost 25%How much is the estimated inventory fire loss?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