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Sheridan Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November
Sheridan Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November and December: Sales Sales Returns and Allowances Purchases Purchase returns and allowances Freight in Beginning inventory Ending inventory November $675,000 12.000 443,000 18.000 6.200 35.000 39.600 December (to Dec. 28) $964,000 26.000 618,000 22.000 11.000 39.600 ? Sheridan is fully insured for fire losses but must prepare a report for the insurance company. Calculate gross profit for the month of November. Gross profit e Textbook and Media Calculate the gross profit margin percentage for November. (Round gross profit margin to 1 decimal place, e.g. 52.7%.) % Gross profit margin Determine the amount of inventory lost by Sheridan Company as a result of the fire using the gross profit method. (Round gross profit margin to 1 decimal place, e.g. 52.7% and final answer to 0 decimal places, e.g. 5,275.) Inventory lost by Sheridan $
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