On November 21, 2019, a fire at Hen Company's warehouse caused severe damage to its entire inventory of Product Tex. Hen estimates that all usable damaged goods can be sold for $17,000. The following information was available from the records of Hen's periodic inventory system: Inventory, November 1 $ 125,000 Net purchases from November 1, to the date of the fire 145,000 Net sales from November 1, to the date of the fire 250,000 Based on recent history, Hen's gross profit ratio on Product Tex is 43% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method.

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 $12,000. The following information was available from the records of Hodge’s periodic inventory system:          Inventory, November 1 $ 100,000   Net purchases from November 1, to the date of the fire   140,000   Net sales from November 1, to the date of the fire   220,000     Based on recent history, Hodge’s gross profit ratio on Product Tex is 35% of net sales. Required:Calculate the estimated loss on the inventory from the fire, using the gross profit method.

On November 21, 2024, 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 $15,000. The following information was available from the records of Hodge's periodic inventory system: Inventory, November 1, 2024 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire Based on recent history, Hodge's gross profit ratio on Product Tex is 40% of net sales. $ 115,000 143,000 223,000 Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method. Estimated loss from fire

On November 21, 2024, 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 $26,000. The following information was available from the records of Hodge’s periodic inventory system: Inventory, November 1, 2024 $ 170,000 Net purchases from November 1, to the date of the fire 154,000 Net sales from November 1, to the date of the fire 234,000 Based on recent history, Hodge’s gross profit ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method.

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

Wormold Industries suffered a fire in its warehouse on March 4, 2021. The warehouse was fullof finished goods, and after reviewing the damage, management determined that inventory,with a retail selling price of $90,000, was not damaged by the fire.For the period from January 1, 2021, to March 4, 2021, accounting records showed thefollowing: Purchases $650,000Purchase returns 16,000Sales revenue 955,000 The inventory balance on January 1, 2021, was $275,000, and the company has historicallyearned a gross profit percentage of 35%.Required: Use the gross profit method to determine the cost of inventory damaged by the fire.

On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available:   Sales, January 1–September 28, 2019 $570,000 Inventory, January 1, 2019 $160,000 Merchandise purchases, January 1–September 28, 2019 (including $50,000 of goods in  transit on September 28, 2019, shipped FOB shipping point) $476,000 Markup percentage on cost 25%   Required: What is the estimated inventory on September 28, 2019, immediately prior to the fire? CARROLL CORPORATION Calculation of estimated inventory on September 28, 2019 (prior to the fire)   $       $       $

On September 30, 2020, a fire at Gray Company’s warehouse caused severe damage to its entire inventory. Based on recent history, Gray has a gross profit of 30% of net sales. A physical inventory disclosed usable damaged goods which Gray estimates can be sold to a jobber for P50,000. The following information is available from Gray's records for the nine months ended September 30, 2020.Inventory, Jan. 1 - P550,000Total purchases recorded, Jan. 1 – Sept. 30 (includes P120,000 of goods still in transit, shipped Sept. 29, FOB shipping point) - P3,120,000Freight in - P60,000Purchase returns - P200,000Purchase discounts - P80,000Total sales delivered and recorded, Jan. 1 – Sept. 30 - P3,900,000Sales returns - P160,000Sales discounts - P40,000Using the gross profit method, how much is the inventory loss?

On September 28, 2019, a fire destroyed the entire merchandise inventory of the Alfonso Corporation. The following information is available: Sales, January 1 – September 28 2019 P 540,000 Inventory, January 1, 2019 P 150,000 Merchandise purchases, January 1 – September 28, 2019 (including P60,000 of goods in transit on September 28, 2019, shipped FOB Shipping point) P 465,000 Markup percentage on cost 20% What is the estimated inventory on September 28, 2019 immediately prior to the fire?

On January 20, 2020, Stewart Company’s records revealed the following information: Inventory, July 1, 2019 $ 55,300 Purchases, July 1, 2019–January 20, 2020 382,100 Sales, July 1, 2019–January 20, 2020 592,000 Purchases returns 10,400 Purchases discounts taken 6,800 Freight-in 3,500 Sales returns 6,600 A fire destroyed the entire inventory on January 20, 2020, except for purchases in transit, FOB shipping point of $6,000, and goods having a selling price of $4,700 that were salvaged from the fire. The salvaged goods had an estimated salvage value of $2,900. The average gross profit on net sales in previous periods was 40%. Required: 1. Compute the cost of the inventory lost in the fire. STEWART COMPANYComputation of Cost of Inventory Lost in FireJanuary 20, 2020 Schedule 1   Inventory, July 1, 2019 $fill in the blank 68d389046fae065_1 Purchases (less $6,000 in transit) fill in the blank 68d389046fae065_2 Less: Purchases returns fill in the blank…