Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Crane Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November
Crane Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November and December: November December (to Dec. 28) Sales $673,000 $964,000 Sales Returns and Allowances 16,000 27,000 Purchases 442,000 622,000 Purchase returns and allowances 18,000 22,000 Freight in 7,200 14,000 Beginning inventory 35,000 39,700 Ending inventory 39,700 ? Calculate the gross profit margin percentage for November. (Round gross profit margin to 1 decimal place, e.g. 52.7%.) Gross profit margin % Question Part Score --/1 Determine the amount of inventory lost by Crane Company as a result of the fire using the gross profit method. (Round gross profit margin to 1 decimal place, e.g. 52.7% and final answer to O decimal places, e.g. 5,275.) Inventory lost by Crane $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started