Bill sells inventory with a cost of $40,000 for $60,000. Bill expects 4 percent of the inventory to be returned. Bill has 3 percent returned and then the return period expires. Please prepare all journal entries.

Luke's Lamps had a beginning inventory January 1, 2020 of $970,000.  They sold goods that cost $770,000 and purchased $300,000 during the month.   What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)?   a. $1,770,000   b. $500,000   c. $300,000   d. $1,270,000

How do I fix the Periodic FIFO?:( tysm in advance

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