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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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Ivanhoe requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $82,000. Purchases
since January 1 were $137,000; freight-in, $6,700; purchase returns and allowances, $4,900. Sales are made at 25% above cost and
totaled $205,000 to March 9. Goods costing $20,700 were left undamaged by the fire; remaining goods were destroyed.
(a)
Compute the cost of goods destroyed.
Cost of goods destroyed
$
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Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $ 37,240. Purchases since January 1 were $ 70,560; freight-in, $ 3,332; purchase returns and allowances, $ 2,352. Sales are made at 33 1/3% above cost and totaled $ 111,000 to March 9. Goods costing $ 10,682 were left undamaged by the fire; remaining goods were destroyed.
Sunland Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $44,840. Purchases since January 1 were $84,960; freight-in, $4,012; purchase returns and allowances, $2,832. Sales are made at 33 1/3% above cost and totaled $138,000 to March 9. Goods costing $12,862 were left undamaged by the fire; remaining goods were destroyed.
Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $44,080. Purchases since January 1 were $83, 520; freight - in, $3, 944; purchase returns and allowances, $2,784. Sales are made at 33 1/3% above cost and totaled $135,000 to March 9. Goods costing $12, 644 were left undamaged by the fire; remaining goods were destroyed
Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $ 37,240. Purchases since January 1 were $ 70,560; freight-in, $ 3,332; purchase returns and allowances, $ 2,352. Sales are made at 33 /3% above cost and totaled $ 111,000 to March 9. Goods costing $ 10,682 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed $
Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $ 49,400. Purchases since January 1 were $ 93,600; freight-in, $ 4,420; purchase returns and allowances, $ 3,120. Sales are made at 33 1/3% above cost and totaled $ 156,000 to March 9. Goods costing $ 14,170 were left undamaged by the fire; remaining goods were destroyed
Crane Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $48,640. Purchases since January 1 were $92,160; freight-in, $4,352; purchase returns and allowances, $3,072, Sales are made at 33 ¹/3% above cost and totaled $153,000 to March 9. Goods costing $13,952 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed
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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 $960,000
The inventory of Swifty Company was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,000, Purchases $34,000, Freight-In $1,300, and Purchase Returns and Allowances $1,500.Determine the merchandise lost by fire, assuming: A beginning inventory of $20,000 and a gross profit rate of 32% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollars
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