Question
In: Accounting
Blossom Legler requires an estimate of the cost of goods lost by fire on March 9....
Blossom Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $47,880. Purchases since January 1 were $90,720; freight-in, $4,284; purchase returns and allowances, $3,024. Sales are made at 33 1/3% above cost and totaled $150,000 to March 9. Goods costing $13,734 were left undamaged by the fire; remaining goods were destroyed.
a. Compute the cost of goods destroyed.
b. Compute the cost of goods destroyed assuming that the gross profit is 33 1/3 % of sales.
Solutions
Expert Solution
Comment below if you have any query i will help you asap !! thanks
ekkarill92 answered 1 year agoRelated Solutions
Pharoah Legler requires an estimate of the cost of goods lost by fire on March 9....
Pharoah Legler requires an estimate of the cost of goods lost by
fire on March 9. Merchandise on hand on January 1 was $34,200.
Purchases since January 1 were $64,800; freight-in, $3,060;
purchase returns and allowances, $2,160. Sales are made at 33 1/3%
above cost and totaled $99,000 to March 9. Goods costing $9,810
were left undamaged by the fire; remaining goods were
destroyed.
Compute the cost of goods destroyed. (Round gross
profit percentage and final answer to 0 decimal...
Sheridan Legler requires an estimate of the cost of goods lost by fire on March 9....
Sheridan Legler requires an estimate of the cost of goods lost
by fire on March 9. Merchandise on hand on January 1 was $34,960.
Purchases since January 1 were $66,240; freight-in, $3,128;
purchase returns and allowances, $2,208. Sales are made at 33
1/3% above cost and totaled $102,000 to March
9. Goods costing $10,028 were left undamaged by the fire; remaining
goods were destroyed.
1. Compute the cost of goods destroyed. (Round gross
profit percentage and final answer to 0...
Wildhorse Legler requires an estimate of the cost of goods lost by fire on March 9....
Wildhorse Legler requires an estimate of the cost of goods lost
by fire on March 9. Merchandise on hand on January 1 was $38,760.
Purchases since January 1 were $73,440; freight-in, $3,468;
purchase returns and allowances, $2,448. Sales are made at 33
1/3% above cost and totaled $114,000 to March
9. Goods costing $11,118 were left undamaged by the fire; remaining
goods were destroyed.
(a)
Your answer is incorrect. Try again.
Compute the cost of goods destroyed. (Round gross
profit...
Carla Vista Legler requires an estimate of the cost of goods lost by fire on March...
Carla Vista Legler requires an estimate of the cost of goods
lost by fire on March 9. Merchandise on hand on January 1 was
$36,480. Purchases since January 1 were $69,120; freight-in,
$3,264; purchase returns and allowances, $2,304. Sales are made at
33 1/3% above cost and totaled $108,000 to
March 9. Goods costing $10,464 were left undamaged by the fire;
remaining goods were destroyed.
Compute the cost of goods destroyed. (Round gross
profit percentage and final answer to 0...
Blossom Company began the year with 9 units of marine floats at a cost of $10...
Blossom Company began the year with 9 units of marine floats at
a cost of $10 each. During the year, it made the following
purchases: May 5, 24 unit at $16; July 16, 19 units at $20; and
December 7, 24 units at $23. Assume there are 28 units on hand at
the end of the period. Blossom uses the periodic approach.
Determine the cost of goods sold under FIFO.
Determine the cost of goods sold under LIFO.
Calculate average...
Blossom Company sells goods that cost $250,000 to Ayayai Company for $400,000 on January 2, 2020....
Blossom Company sells goods that cost $250,000 to Ayayai Company
for $400,000 on January 2, 2020. The sales price includes an
installation fee, which is valued at $41,000. The fair value of the
goods is $369,000. The goods were delivered on March 1, 2020.
Installation is considered a separate performance obligation and
was completed on June 18, 2020. Under the terms of the contract,
Ayayai Company pays Blossom $250,000 upon delivery of the goods and
the balance at the completion...
Blossom Company sells goods that cost $325,000 to Pina Colada Company for $415,000 on January 2,...
Blossom Company sells goods that cost $325,000 to Pina Colada
Company for $415,000 on January 2, 2020. The sales price includes
an installation fee, which is valued at $44,200. The fair value of
the goods is $380,800. The goods were delivered on March 1, 2020.
Installation is considered a separate performance obligation and
was completed on June 18, 2020. Under the terms of the contract,
Pina Colada Company pays Blossom $275,000 upon delivery of the
goods and the balance at...
Marco Polo Map Company’s cost of goods sold for March was $345,000. March 31 work-in-process inventory...
Marco Polo Map Company’s cost of goods sold for March was
$345,000. March 31 work-in-process inventory was 90 percent of
March 1 work-in-process inventory. Manufacturing overhead applied
was 50 percent of direct-labor cost. Other information pertaining
to the company’s inventories and production for the month of March
is as follows:
Beginning inventories, March 1:
Raw material
$
18,000
Work in process
40,000
Finished goods
102,000
Purchases of raw material during March
112,000
Ending inventories, March 31:
Raw material
26,000
Work...
Marco Polo Map Company’s cost of goods sold for March was $345,000. March 31 work-in-process inventory...
Marco Polo Map Company’s cost of goods sold for March was
$345,000. March 31 work-in-process inventory was 90 percent of
March 1 work-in-process inventory. Manufacturing overhead applied
was 50 percent of direct-labor cost. Other information pertaining
to the company’s inventories and production for the month of March
is as follows:
Beginning inventories, March
1:
Raw material
$
18,000
Work in process
40,000
Finished goods
102,000
Purchases of raw material during
March
112,000
Ending inventories, March
31:
Raw material
26,000
Work...
Marco Polo Map Company’s cost of goods sold for March was $345,000. March 31 work-in-process inventory...
Marco Polo Map Company’s cost of goods sold for March was
$345,000. March 31 work-in-process inventory was 90 percent of
March 1 work-in-process inventory. Manufacturing overhead applied
was 50 percent of direct-labor cost. Other information pertaining
to the company’s inventories and production for the month of March
is as follows:
Beginning inventories, March 1:
Raw material
$
16,000
Work in process
40,000
Finished goods
102,000
Purchases of raw material during March
114,000
Ending inventories, March 31:
Raw material
26,000
Work...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Discuss the difference between a)FAT, FAT32, NTFS, CDFS, etc., b)What make them diferent and why they...
- 2. Given the Instruction sets for Machine-1, Machine-2 and Machine-3, write programs to calculate: P= ((B×C)...
- Problem III. Suppose that, in a market of a certain good, there are firms that are...
- discusses the difference between public relations and advertising. Cite an organization or individual and give one...
- Draw a sketch for the Hydrogen (discrete) spectrum, labeling the lines according to their respective quantum...
- Create a program/function using PYTHON that takes cents and returns to the customer how MANY coins...
- You have been asked to design an elevator system. The functions of an elevator includes moving...
ADVERTISEMENT