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Excer 9-18 Week 2 Intermediate accounting II Hi Can you help me resolve the attached problem? Thank you Exercise 9-18 Sage Lumber Company handles three
Excer 9-18 Week 2 Intermediate accounting II
Hi
Can you help me resolve the attached problem?
Thank you
Exercise 9-18 Sage Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber Millwork Hardware and fittings 25% 30% 40% On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction. Lumber Inventory, Jan. 1, 2017 Purchases to Aug. 18, 2017 Sales to Aug. 18, 2017 $250,600 1,484,700 2,050,000 Millwork $89,200 381,900 530,400 Hardware $45,600 160,000 197,400 Submit your estimate of the inventory amounts immediately preceding the fire. (Round ratios for computational purposes to 5 decimal places, e.g. 78.74265% and final answers to 0 decimal places, e.g. 28,987.) Lumber Millwork $ Inventory Hardware $ $Step by Step Solution
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