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.
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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 $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 destroyedSandhill 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 $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.
- 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 destroyedCullumber 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 destroyedBlossom Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $39,520. Purchases since January 1 were $74,880; freight-in, $3,536; purchase returns and allowances, $2,496. Sales are made at 33 1/3% above cost and totaled $117,000 to March 9. Goods costing $11,336 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed = ? Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales = ?
- Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 33⅓% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed. Instructions a. Compute the cost of goods destroyed. b. Compute the cost of goods destroyed, assuming that the gross profit is 33⅓% of sales.(Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 331/3% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed.Instructions(a) Compute the cost of goods destroyed.(b) Compute the cost of goods destroyed, assuming that the gross profit is 331/3% of sales.On April 31 2017 KIFOs store room was destroyed by fire. KIFO requires an estimate of the cost of goods lost by fire on April 31. Inventory on hand on January 1 was K342, 000. Purchases since January 1 were K828, 000; freight-in, K30, 600; purchase returns and allowances, K21, 600. Sales are made at 35 % above cost and totaled K1, 080,000 to April 31. Goods costing K98,100 were left undamaged by the fire ; the remaining goods were destroyed.The company had insured its inventory with the Madson insurance company and the company is compiling the insurance claim Required(a) Estimate the cost of goods that were destroyed by fire to be included in the insurance claim. (7 marks)
- 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 A beginning inventory of $31,000 and a gross profit rate of 41% on net sales. Estimated cost of merchandise lost $enter the Estimated cost of merchandise lost in dollarsThe 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 dollarsThe merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: Merchandise inventory $ 350,000 Jan. 1 Jan. 1-Dec. 31 Purchases (net) 2,950,000 Sales 4,440,000 Estimated gross profit rate 35% a. Estimate the cost of the merchandise destroyed. b. Briefly describe the situations in which the gross profit method is useful.