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i need answer according to given table ASAP Module 6 (Chapter 6) Assignment W V2 Q 2 The Hermetic Company had a fire March 15,
i need answer according to given table ASAP
Module 6 (Chapter 6) Assignment W V2 Q 2 The Hermetic Company had a fire March 15, 2022, that destroyed all of its inventory. During the last five years, the company's gross profit rate has averaged 60%. The following information, up to March 15th, was obtained from the accounting records: January 1 beginning inventory Purchases $220,000 580,000 Purchase returns 24,000 Transportation-In Sales 8,600 860,000 9,500 Sales discounts Sales returns 13,000 Instructions: Use the gross profit method to prepare an estimate of the company's March 15th inventory lost due to the fire. Use the data entry form located in the Learn Assessment Dropbox. 9 $ $ $ 837,500.00 502,500.00 335,000.00 $ 220,000.00 The Hermantic Company 10 Gross Profit Method Inventory Estimate 11 Net sales (860000-13000-9500) 12 Less: Gross Profit (837500*60%) 13 Estimated Cost of goods sold 14 15 Beginning inventory 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Q1 Part 1 Q1 Part 2 Q2 + PeaduStep by Step Solution
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