{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T03:03:35-04:00", "answer_date": "2024-05-26 03:03:35", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1721112", "url": "\/study-help\/questions\/on-november-21-2021-a-fire-at-hodge-companys-warehouse-1721112", "question_creation_date_js": "2024-05-26T03:03:35-04:00", "question_creation_date": "May 26, 2024 03:03 AM", "meta_title": "[Solved] On November 21, 2021, a fire at Hodge Com | SolutionInn", "meta_description": "Answer of - On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. | SolutionInn", "meta_keywords": "november,21,2021,fire,hodge,company,s,warehouse,caused,severe,damage,entire", "question_title_h1": " On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all", "question_title": " On November 21, 2021, a fire at Hodge Company's warehouse caused", "question_title_for_js_snippet": "On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex Hodge estimates that all usable damaged goods can be sold for $27,000 The following information was available from the records of Hodge's periodic inventory system Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $175,000 155,000 235,000 Based on recent history, Hodge's gross profit ratio on Product Tex is 40 of net sales Required Calculate the estimated loss on the inventory from the fire, using the gross profit method Estimated loss from fire", "question_description": "\"image", "transcribed_text": "On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $27,000. The following information was available from the records of Hodge's periodic inventory system: Inventory, November 1 Net purchases from November 1, to the date of the fire Net sales from November 1, to the date of the fire $175,000 155,000 235,000 Based on recent history, Hodge's gross profit ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method. Estimated loss from fire", "related_book": { "title": "Advanced Accounting", "isbn": "978-0132568968, 9780132568968", "edition": "11th Edition", "authors": "Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/55.jpg", "uri": "\/textbooks\/advanced-accounting-11th-edition-9780132568968", "see_more_uri": "" }, "free_related_book": { "isbn": "0465082424", "uri": "\/textbooks\/structures-of-experience-essays-on-the-affinity-between-philosophy-and-literature-1st-edition-9780465082421", "name": "Structures Of Experience Essays On The Affinity Between Philosophy And Literature", "edition": "1st Edition" }, "question_posted": "2024-05-26 03:03:35", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/statistics-for-business-and-economics\/the-time-it-takes-to-get-a-cars-oil-changed-1278173", "description": "The time it takes to get a cars oil changed at Speedy Lube is distributed normally with a mean of 12 min and a standard deviation of 2 min. 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