On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:Sales, January 1 through April 15 $480,000Inventory, January 1 80,000Purchases, January 1 through April 15 400,000Markup on cost 25%The amount of the inventory loss is estimated to be:a. $96,000. b. $48,000. c. $120,000. d. $80,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:Sales, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is a significant difference between Accountants and Auditors and other professionals?
Answers (1)
This is the expense for a good or product that changes in proportion to the activity of the company.
Answers (1)
From the income statement, the corporation had a net income of $724 million for the year. Total dividends were $106 million. There were 400 million shares outstanding. How much is the dividends per share
Answers (1)
If you discover a near zero correlation between some firefighters' aptitude test scores and their actual performance on the job, you can conclude that the test is
Answers (1)
Smidt Corporation has provided the following data for its two most recent years of operation: Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials $ 9 Direct labor $ 5 Variable manufacturing overhead $ 5 Fixed
Answers (1)
New Questions in Business
Question 20 if orange juice prices double next year, there will be a rightward shift in the demand for grapefruit juice. rightward shift in the supply of grapefruit juice. leftward shift in the supply of grapefruit juice.
Answers (1)
When groups rely on identity to overcome collective action problems that do so by focusing on individual's self interests and not community interests. Group of answer choices True False
Answers (1)
Is there anyone good in Accounting?
Answers (1)
In Baer Food Co.'s Year 3 single-step income statement, the section titled Revenues consisted of the following: Net sales revenue $187,000 Discontinued operations: Income from operations of component unit (including gain on disposal of $21,600)
Answers (1)
The owner of the new sharp scissors hair salon gave coupons to potential customers walking by her store to stimulate interest and trial of her new hair salon. the coupons are an example of advertising. publicity. sales promotion.
Answers (1)