Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) × Your answer is incorrect. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ 92092

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960.
Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3%
above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were
destroyed.
(a)
× Your answer is incorrect.
Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.)
Cost of goods destroyed
$
92092
Transcribed Image Text:Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,960. Purchases since January 1 were $66,240; freight-in, $3,128; purchase returns and allowances, $2,208. Sales are made at 33 1/3% above cost and totaled $102,000 to March 9. Goods costing $10,028 were left undamaged by the fire; remaining goods were destroyed. (a) × Your answer is incorrect. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.) Cost of goods destroyed $ 92092
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