Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.
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- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by $15,000, how much net income did the company actually earn?Tanke Company reported net income on the year-end financial statements of $850,200. However, errors in inventory were discovered after the reports were issued. If inventory was overstated by $21,000, how much net income did the company actually earn?
- Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.Indigo Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns Amount of the loss $ tA $172,400 406,400 27,100 Sales revenue Sales returns Rate of gross profit on net sales Merchandise with a selling price of $21,300 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,600 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. $621,100 174430 22,800 30 %
- Blossom Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory Purchases for the year Purchase returns $168,500 Amount of the loss 412,700 30,100 Sales revenue Sales returns Rate of gross profit on net sales $628,200 25,600 20 % Merchandise with a selling price of $20,300 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,200 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.Shamrock Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory $180,800 Sales revenue $662,500 Purchases for the year 361,100 Sales returns 24,600 Purchase returns 27,100 Rate of gross profit on net sales 30 % Merchandise with a selling price of $20,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,500 had a net realizable value of $5,600. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $ 479,300Metlock Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory $155,300 Sales revenue $655,700 Purchases for the year 368,400 Sales returns 23.800 Purchase returns 31,200 Rate of gross profit on net sales 30 % Merchandise with a selling price of $21,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,500 had a net realizable value of $5.100. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss %24
- Ayayai Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Beginning inventory $ 183,500 Sales revenue $683,600 Purchases for the year 358,400 Sales returns 22,800 Purchase returns 30,000 Rate of gross profit on net sales 30 % Merchandise with a selling price of $ 23,100 remained undamaged after the fire. Damaged merchandise with an original selling price of $ 15,000 had a net realizable value of $ 5,800. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss 2$ eTextbook and MediaPronghorn Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) Purchases. Purchase returns $81,000 295,600 27,900 Inventory fire loss $ Sales revenue Sales returns Gross profit % based on net selling price $407,900 20,700 32 % Merchandise with a selling price of $29,400 remained undamaged after the fire, and damaged merchandise has a net realizable value of $8,000. The company does not carry fire insurance on its inventory. Compute the amount of inventory fire loss. (Do not use the retail inventory method.)Wallace Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following. Beginning inventory $170,000 Sales revenue $650,000 Purchases for the year 390,000 Sales returns 24,000 Purchase returns 30,000 Rate of gross profit on net sales 40 % Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value of $5,300.Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $