A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: Inventory, beginning: $29,900 Purchases for the period: $18,900 Sales for the period: $56,900 Sales returns for the period: $890 The company's average gross profit ratio is 21%. What is the estimated cost of the lost inventory using the gross profit method?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: ...” 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
Are all prices in the economy equally inflexible? which ones show large amounts of short-run flexibility? which ones show a great deal of inflexibility even over months an
Answers (1)
Return to Amir's original purchase date of July1, 20X5. Assume that Amir uses straight-line method of depreciation and sells the equipment for $36,500 on July 1, 20X9. The result of the sale of the equipment is a gain (loss) of: a. ($3,500) b.
Answers (1)
What is the best way to avoid misusing words in your business and technical writing A. Use Only Words You Know. B. Keep Your Sentences Short. C. Think I'm Terms Of Your Reader's Likely Vocabulary. D. Make Frequent Use Of The Dictionary.
Answers (2)
Jasper Carts manufactures custom carts for a variety of uses. The following data have been recorded for Job 651, which was recently completed. Direct materials used cost $8.200.
Answers (1)
Which of the following is not true of statistics? A. Statistics involves collecting and summarizing data. B. Statistics is used to answer questions with 100% certainty. C. Statistics is used to draw conclusions using data. D.
Answers (1)
New Questions in Business
Your friend really likes a t-shirt that you purchased last week at a concert by your mutually favorite musician group. You purchased the very last shirt in your size and there are no more available.
No Answers
An effective way to begin defining the purpose of a marketing plan, is to make a list of all the information needed to prepare the marketing plan A. True B. False
Answers (1)
Read the scenario. June has $8,000 in an online savings account at six percent interest. She needs to reach $10,000 to pay off her credit cards. How long does June have to save to reach her goal? six years four years five years three years
Answers (2)
Direct materials used in production totaled $280,000. Direct labor was $375,000, and $180,000 of manufacturing overhead was added to production for the month. What were total manufacturing costs incurred for the month? a. $555,000b. $835,000c.
Answers (1)
In an operating lease, a sale is not recorded by the lessor. Instead, the periodic lease payments are accounted for as rent revenue by the lessor. The lessee records a right-of-use asset and lease liability at the present value of the lease payments.
Answers (1)