BBM Company lost most of its inventory in a fire in December, 2021, just before the year-end physical inventory was taken. The company’s books disclosed the following: Invy, 1/1/21 - 1,700,000 Purchases - 3,900,000 Purchase return - 300,000 Sales - 6,500,000 Sales returns - 240,000 Merchandise costing P126,000 remain undamaged after the fire. Damaged merchandise with an original selling price of P150,000 had a net realizable value of P53,000. A partial comparative profit and loss for 2020 and 2019 also disclosed the following: 2020:  Sales - 5,000,000; CGS - 3,025,000 2019:  Sales - 5,600,000; CGS - 3,332,000 Assuming that BBM Company had no insurance coverage, what is the amount of loss as a result of the fire?

ts) A tornado recently destroyed all but $1,305,000 of Orr Corp.'s inventory. Beginning inventory for the period was $2,175,000 and another $5,720,000 was purchased during the year. How much inventory was destroyed, assuming that they had a cost markup of 40% and sales of $9,152,000? Please round your calculations to 2 decimal places! O $92,080 O $562,755 O $1,397,080 O $2,403,800

In 2022​, Sargent Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $300. It made purchases of $5,640 but returned $80 worth of merchandise. Sales prior to the ice storm were $9,400. Sargent must use the gross profit method to determine inventory on hand on the date of the casualty. The following is an excerpt of its income statement for the last three years.     2019 2020 2021 Net Sales $5,000 $6,000 $9,000 Cost of Goods Sold 2,150 2,340 3,312 General and Administrative Expense 500 600 900 Depreciation Expense 125 200 325 Operating Income $2,225 $2,860 $4,463   Requirement. Assume that Sargent uses the most recent three years of net sales and cost of goods sold to determine its historical gross profit. What are estimated cost of goods​ sold, estimated gross​ profit, and estimated ending​…

ABC Corporation lost most of its inventory in a fire on April 10, 2020. Its books disclose following data: Inventory, January 1, 2020 Purchases in 2020 Purchases returns Sales Sales returns Purchases discounts Rate of gross profit on sales S180,000 400,000 30,000 650,000 25,000 10,000 30% Through the diligence of the local Fire Department, ABC was able to salvage and merchandise costing $4,000. Required: Calculate the amount of the loss from the fire, to be presented as a claim to th company. Show your computations.

What did i do wrong in my calculations? On November 21, 2021, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $18,000. The following information was available from the records of Hodge’s periodic inventory system:          Inventory, November 1 $ 130,000   Net purchases from November 1, to the date of the fire   146,000   Net sales from November 1, to the date of the fire   226,000     Based on recent history, Hodge’s gross profit ratio on Product Tex is 30% of net sales. Required:Calculate the estimated loss on the inventory from the fire, using the gross profit method. $134,200

Ivanhoe Music Company sells three principal types of musical instruments, with varying percentages of gross profit on cost. Harps Violins Cellos Gross profit percentage 30% 35% 40% On May 9, 2020 a fire destroyed Ivanhoe's office and the warehouse in which it stored the instruments. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. Unfortunately Ivanhoe Music Company did not maintain any perpetual inventory records. A general ledger was kept and computer records related to the ledger were backed up to the cloud nightly. You were able to ascertain the following from the general ledger. Harps Violins Cellos Inventory, Jan. 1, 2020 $208,000 $124,800 $156,000 Purchases to May 9, 2020 156,000 52,000 78,000 Sales Revenue to May 9, 202O 304,200 154,440 247,520 Submit your estimate of the inventory amounts immediately preceding the fire. Harps Violins Cellos Inventory $ $

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