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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.
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ekkarill92 answered 1 year agoRelated Solutions
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(a)
Your answer is incorrect. Try again.
Compute the cost of goods destroyed. (Round gross
profit...
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Marco Polo Map Company’s cost of goods sold for March was $345,000. March 31 work-in-process inventory...
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$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
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Raw material
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Work in process
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Finished goods
102,000
Purchases of raw material during
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112,000
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