User Account

All Pages

Calculate the amount of inventory destroyed

Assignment Help Financial Accounting
Reference no: EM133053305

Question - For several years, Berry Limited has marked its purchases up by 33.33% and has consistently realised the expected rate of gross profit. Its inventory was insured against fire for R40 000, the policy being subject to the average clause.

A fire took place on 25 September and all inventory was destroyed except for items which had cost R10 000 which were salvaged in an undamaged condition. The following information was obtained from the firm's ledger:

R Inventory on hand at cost - 1 January 48 000 Purchases -

1 January to 25 September 182 000 Sales -

1 January to 25 September 240 000 The business has a financial year which ends on 31 December.

Required - Calculate the amount of inventory destroyed and the amount of the insurance claim assuming that the company had always earned a gross profit of 33.33%.

Reference no: EM133053305

Questions Cloud

Explain the concept of corporate governance : Explain the concept of corporate governance and discuss the factors that have significantly contributed to the current prominence of corporate governance.
Explain the school strategy need modification : 1. What are the opportunities and threats the pandemic brought to the schools?
How much australian dollar the exporter will make a loss : The exporter wants to sell INR4 million in the one- year forward contract. How much Australian dollar the exporter will make a loss after one year
Case study-philip and jennifer brown : They have been married for five years and during that time have rented an apartment while saving for their own home.
Calculate the amount of inventory destroyed : Calculate the amount of inventory destroyed and the amount of the insurance claim assuming that the company had always earned a gross profit of 33.33%
What amount will affect the profit of loss : Aenthis Company a Philippine Company, sold goods on account to Britain Corporation for 50,320 pounds. What amount will affect the profit of loss
Cloud computing implementation : Describe the organization's Cloud Computing implementation and the benefits they realized from the implementation.
Reputation service : What will be the expectations and requirements of the customers? Will consumers' needs be different from those of enterprises?
Which term sheet offer should Stern and Foster prefer : Use WebTracker Case Exhibits available under Files in Canvas. Upload Word document and spreadsheets. Which term sheet offer should Stern and Foster prefer

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is TTT Corporation after-tax cost of paying Lynette

What is TTT Corporation's after-tax cost of paying Lynette's salary excluding FICA taxes? Lynette is the CEO of publicly traded TTT Corporation

  What the partial direct labor operational productivity is

In 2019, the partial direct labor operational productivity is? Broha Company manufactured 1,824 units of its only product during 2019.

  What is burbles variable cost per unit

What is Burble's variable cost per unit? Would you recommend that management use this activity to determine/predict costs? EXPLAIN your answer; what item(s) above did you use for your recommendation?

  How much sgd will the investor get

Suppose that a Japanese investor that wants to convert Yen1,000,000 into SGD. Using the quotes above, how much SGD will the investor get?

  Calculate the company WACC using new retained earnings

The firm forecasts it can retain $1 million of new earnings. Calculate the company's WACC using new retained earnings at the equity source

  List out three of the other factors that could constitute

List out three of the other factors that could constitute evidence of the ability to exercise significant influence.

  How much are estimated monthly variable costs

Rooter's Cleaning Services provided data concerning the costs incurred to clean hotel rooms. How much are estimated monthly variable costs

  Apply for the job and have asked trevor car

You decide to apply for the job and have asked Trevor Car for this opportunity. Trevor agrees to give you the job if you can answer the questions

  Journalize the admission of tovar to the partnership

Gamma co capital balances are Barr 30,000, croy 25,000 and embank 22,000 the partners share income equally .Tovar is admitted to the firm by purchasing one half of eubanks for 13,000, journalize the admission of tovar to the partnership.

  Provide a marketing budget table of a one year period

You opened a new supermarket store. provide a marketing Budget table of a one year period for the 1rst year period (for example from June 2021 to June 2022)

  What is the expected value of wealth

Consider a person with the following utility function over wealth: u(w) = ew, Construct a graph of this utility function (recall your excel?).

  Calculate the appropriate sample size

Calculate the appropriate sample size. - Determine the upper deviation rate. - Evaluate the results. - Identify each wrong assumption, application or statement in the above scenario.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd