Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $36,480.

image text in transcribed
Carla Vista Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $36,480. Purchases since January 1 were $69,120, freight-in, $3,264; purchase returns and allowances, $2,304. Sales are made at 33/3% above cost and totaled $108,000 to March 9. Goods costing $10,464 were left undamaged by the fire; remaining goods were destroyed (a) Your answer is correct Compute the cost of goods destroyed. (Round gross profit percentage and final onswer to decimal places, eg. 15% or 125.) Cost of goods destroyed $ 15090 Attempts: 1 of 5 used (b) Your answer is incorrect Compute the cost of goods destroyed, assuming that the gross proht is 33 % of sales (Round ratios for computational purposes to 5 decimal places, s. 78.72345% and finel answer to decimal places es 28,987) Cost of goods destroyed $ Save for Late Last saved 10 minutes ago Saved work will be auto-submitted on the due date. Auto submission can take up to 10 minutes Attempts: 4 of 5 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Content Audits And Inventories A Handbook For Content Analysis

Authors: Paula Ladenburg Land

2nd Edition

1937434826, 978-1937434823

More Books

Students also viewed these Accounting questions