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PLEASE HELP!!!!!! Greenwich Company, a camera store, lost some inventory in a fire on January 15. To file an insurance claim, the company must estimate
PLEASE HELP!!!!!!
Greenwich Company, a camera store, lost some inventory in a fire on January 15. To file an insurance claim, the company must estimate its January 15 inventory using the gross profit method. For the past two years, Greenwich Company's gross profit has averaged 43% of net sales. Its inventory records reveal the following data: E: (Click the icon to view the data.) Read the requirements. x Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Data Table - Add: $ 57,500 Less: Inventory, January 1 Transactions January 1-15: Purchases Net purchases 490,900 18,000 Purchases discounts Purchase returns 70,200 Estimated cost of goods sold: Sales 665,000 Less: Print Done Done Estimated cost of goods sold Estimated cost of ending inventory lost Requirement 2. Prepare the income statement for January 1 to January 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. Begin by showing the detailed computations of cost of goods sold. 57,500 - X Data Table Beginning inventory Add: Purchases Less: Purchase discounts 490900 18,000 70,200 Purchase returns $ 57,500 Inventory, January 1 Transactions January 1-15: Purchases Purchases discounts 490,900 Less: 18,000 Purchase returns 70,200 Cost of goods sold Sales 665,000 Now prepare the January income statement for this product through gross profit. Greenwich Company Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Now prepare the January income statement for this product through gross profit. Greenwich Company Income Statement (partial) Period Ending January 15 (date of the Fire) Gross profit Choose from any list or enter any number in the input fields and then continue to the nextStep by Step Solution
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