1 answer

BLANK requires an estimate of the cost of goods lost by fire on March 9. Merchandise...

Question:

BLANK requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $40,100. Purchases since January 1 were $70,700; freight-in, $3,200; purchase returns and allowances, $2,300. Sales are made at 33 1/3% above cost and totaled $108,200 to March 9. Goods costing $9,900 were left undamaged by the fire; remaining goods were destroyed.

Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, e.g. 78.72345% and final answer to 0 decimal places, e.g. 28,987.)


Answers

1. Cost of goods destroyed = Beginning Inventory + Purchases - purchase returns and allowances + freight-in - Cost of goods sold -  undamaged goods

= $40100+70700-2300+3200 - 108200/1.3333 - 9900

= $20,650

2. Cost of goods destroyed = Beginning Inventory + Purchases - purchase returns and allowances + freight-in - Cost of goods sold -  undamaged goods

= $40100+70700-2300+3200 - 108200*66.6666% - 9900

= $29667

.

Similar Solved Questions

1 answer
QUESTION 4 Player II DE F 5,3 3,5 8,5 1,2 0,2 9,3 6,3 2,4 8,9 A...
QUESTION 4 Player II DE F 5,3 3,5 8,5 1,2 0,2 9,3 6,3 2,4 8,9 A B C Player ' Consider the strategic form game above. In this game, the following strategy profiles are inefficient (Please, select all that apply) a. (B,E) b. (CD) C. (CE) d. (A,F) €. (B,D) Of. (B,F) 9. (A,D)...
1 answer
Match each definition with its term. Element Atom Molecule Compound Answer Bank substance composed of at...
Match each definition with its term. Element Atom Molecule Compound Answer Bank substance composed of at least two different elements chemically bonded together a unit of matter composed of two or more atoms joined by a covalent bond 6 ERTY UO P к Atom Element Molecule Compound Answer Bank a s...
1 answer
3. An investor with a 5-year investment horizon is considering the purchase of 30-year 6%coupon bond...
3. An investor with a 5-year investment horizon is considering the purchase of 30-year 6%coupon bond selling for $850 and a par value of $1000. The vield to maturity for the bond is 7.2%. Suppose the investor faces a reinvestment rate of 5% per year and anticipates selling the bond in 5 years to yie...
1 answer
1A In 1626, Peter Minuit purchased Manhattan Island from Native Americans for $24 worth of trinkets...
1A In 1626, Peter Minuit purchased Manhattan Island from Native Americans for $24 worth of trinkets and beads. Find what the $24 woukd be worth in the year 2020 if it had been deposited in a bank paying 5% interest compounded quarterly. round your answer to the nearest dollar. 1B The cost of a four ...
1 answer
Can someone please help me and doing business law not economics. It should me written in...
Can someone please help me and doing business law not economics. It should me written in 100 words and reliable sources. Using any advertisement(s) that you have seen on the Internet, give one example of what might be considered "deception" in advertising. Explain your example with reference...
1 answer
Pick one mechanism from List B. In words, describe how that enzyme carries out its catalysis...
Pick one mechanism from List B. In words, describe how that enzyme carries out its catalysis in detail. You may use pictures, and you may also choose to use curved arrows. Your description should include words, not just images. List B: • PDHC • Citrate synthase • ATP synthase...
1 answer
ACC 211-100 Chelsea Singleton & Homework: Chapter 4 homework Save Score: 0 of 5 pts 5...
ACC 211-100 Chelsea Singleton & Homework: Chapter 4 homework Save Score: 0 of 5 pts 5 of 9 (5 complete) HW Score: 72.71%, 72.71 of 100 pts T14-4 (book/static) Assigned Media Question Help For each account listed, identify whether the account would appear on the post-closing trial balance. Indica...
2 answers
ITEM 18 The reaction X2(g)?2X(g) occurs in a closed reaction vessel at constant volume and temperature....
ITEM 18 The reaction X2(g)?2X(g) occurs in a closed reaction vessel at constant volume and temperature. Initially, the vessel contains only X2at a pressure of 1.90atm . After the reaction reaches equilibrium, the total pressure is 2.65atm .What is the value of the equilibrium constant, Kp, for the r...
1 answer
You have a separatory funnel that contains a solution of 4-methyl benzoic acid and ethoxybenzene in...
You have a separatory funnel that contains a solution of 4-methyl benzoic acid and ethoxybenzene in methylene chloride. By adding KOH (aq) into this solution for extraction, what compound(s) would be expected to form in the aqueous layer? Write the equation. Compound X has a hexane/water distributio...
1 answer
What is the highest-order maximum for 381 nm light falling on double slits separated by 24.0...
What is the highest-order maximum for 381 nm light falling on double slits separated by 24.0 µm?...
1 answer
The summaries of data from the balance sheet, income statement, and retained earnings statement for two...
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented below for 2017 Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained e...
1 answer
4.5-2 Professor Caesar wishes to develop a matrix-multiplication algorithm that is asymptotically faster than Strassen’s algorithm....
4.5-2 Professor Caesar wishes to develop a matrix-multiplication algorithm that is asymptotically faster than Strassen’s algorithm. His algorithm will use the divide- and-conquer method, dividing each matrix into pieces of size n/4 x n/4, and the divide and combine steps together will take O(n...
1 answer
An electron is near a positive ion of charge +9e and a negative ion of charge-8e...
An electron is near a positive ion of charge +9e and a negative ion of charge-8e (see the figure below). (Take a = 3.95 μm, b = 3.60 μm, and -8e 9e al Electron (a) Find the magnitude and direction of the resultant force on the electron. (Let right be the +x-direction. Measure the angle counter...
1 answer
Calculate the following derivative:
Calculate the following derivative:...
1 answer
How Many NaCl Formula Units Does It Contain? express your answer using two significant figures
How many NaCl formula units does it contain? Express your answer using two significant figures. A salt crystal has a mass of 0.16 mg ....
1 answer
Equivalent Units/ Cost per unit
1.    Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly ...
1 answer
(1 point) a. Find the most general real-valued solution to the linear system of differential equations...
(1 point) a. Find the most general real-valued solution to the linear system of differential equations x -8 -10 x. xi(t) = C1 + C2 x2(t) b. In the phase plane, this system is best described as a source / unstable node sink / stable node saddle center point / ellipses spiral source spiral sink none o...
1 answer
Question Help In a test of the effectiveness of garlic for lowering Cholesterol 49 subjects were...
Question Help In a test of the effectiveness of garlic for lowering Cholesterol 49 subjects were treated with garlic in a processed tablet form. Cholesterol levels were measured before and after the treatment. The changes (before-after) in their levels of LDL cholesterol (in mg/dL.) have a mean of 4...
1 answer
Give the structural equation for sodium iodide and n-butyl bromide in acetone
give the structural equation for sodium iodide and n-butyl bromide in acetone...