Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 29, 2024

The Cotton Mill is a trader in Australian linen. On January 31, 2012 a fire destroyed some of a sole traders inventory and its inventory

The Cotton Mill is a trader in Australian linen. On January 31, 2012 a fire destroyed

some of a sole traders inventory and its inventory records. The following information is

available:

$

Inventory January 1 320,000

Sales for January 620,000

Purchases for January 406,000

Inventory in good condition at January 31 215,000

Standard gross profit percentage on sales is 25%

Based on the information, what is the value of inventory lost?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+e) Describe reasons why you might not place much faith in that prediction.

Answered: 1 week ago

Question

★★★★★

McCabe Oil, Inc. has an account titled Oil and Gas Properties. McCabe paid $ 6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $ 510,000 for additional...

Answered: 1 week ago

Question

★★★★★

Using Python Suppose that you are a computer engineer implementing hardware to decode an 8-bit "minifloat" floating point number. Every floating point number in this system is normalized, such that a...

Answered: 1 week ago

Question

★★★★★

Discuss the effect that duration has on bond price sensitivity to interest rate changes and explain how the reinvestment rate for inflows may materially affect the final value of an investment.

Answered: 1 week ago

Question

★★★★★

5. Sharon plans to contribute $400 to an RRSP every quarter for the next 28 years. During this time, the 3. Consider the sketch below and fill in the blanks: (5 marks) RRSP is expected to earn 9.8%...

Answered: 1 week ago

Question

★★★★★

5. Philosophers and scientists alike would argue that humans have: Only hedonic goals and purposes Only eudaimonic goals and purposes Neither hedonic nor eudaimonic goals and purposes A mixture of...

Answered: 1 week ago

Question

★★★★★

Mike was the policy owner and life insured of a 20-year term life insurance policy, with a $500,000 face value, on which he had named his spouse, Rachel, as the beneficiary. Unfortunately, Mike was...

Answered: 1 week ago

Question

★★★★★

sheridan co issued 700,000 of 5-year,6% bonds at 96 on Jan 1 2027. the bonds pay interest annually. compute the total cost of borrowing for these bonds compute the total cost of borrowing for these...

Answered: 1 week ago

Question

★★★★★

Endor Company begins the year with $180,000 of goods in inventory. At year-end, the amount in inventory has increased to $197,000. Cost of goods sold for the year is $1,300,000. Compute Endor's...

Answered: 1 week ago

Previous Question Next Question