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looking for the answer to part B please Crane Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise
looking for the answer to part B please
Crane Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $48,640. Purchases since January 1 were $92,160; freight-in, $4,352; purchase returns and allowances, $3,072. Sales are made at 3311/3% above cost and totaled $153,000 to March 9 . Goods costing $13,952 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 answer to 0 decimal places, eg. 15\% or 125.) Cost of goods destroyed Compute the cost of goods destroyed, assuming that the gross profit is 3331% of sales. (Round ratios for computational purposes to 5 decimal places, eg. 78.72345% and final answer to 0 decimal places, eg. 28,987.) Cost of goods destroyed Attempts: 0 of 3 used Step by Step Solution
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