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I need help ASAP. Please provide me with right answers this homework will be graded. Leon Legler requires an estimate of the cost of goods
I need help ASAP. Please provide me with right answers this homework will be graded.
Leon Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $36,900. Purchases since January 1 were $77,700: freight-in $3,700: purchase returns and allowances, $2,400. Sales are made at 33 1/3% above cost and totaled $105,100 to March 9. Goods costing $10,300 were left undamaged by the fire: remaining goods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed $ (b) Compute the cost of goods destroyed, assuming that the gross pro plusminus is 33 1/3 % of sales. (Round ratios for computational purposes to 5 decimal places, e.g. 78.72345% and Final answer to 0 decimal places, e.g. 28.987.) Cost of goods destroyed $Step by Step Solution
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