Castlevania company lost most of its inventory in a fire in

Assignment Help Accounting Basics

Reference no: EM13610172

Castlevania Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following.

Beginning inventory $170,000 Sales
$650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%

Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value (after the fire) of $5,300.Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Reference no: EM13610172

Questions Cloud

Assume theres no beginning work-in-process inventory and : assume theres no beginning work-in-process inventory and the ending work-in-process inventory is 70 complete with

We have discussed at length the earned value management : we have discussed at length the earned value management process. i am sure all of you have used the traditional process

The number of pounds of steam used per month by a chemical : the number of pounds of steam used per month by a chemical plant is thought to be related to the average ambient

Abis corporation uses the weighted-average method in its : abis corporation uses the weighted-average method in its process-costing system. this month the beginning inventory in

Castlevania company lost most of its inventory in a fire in : castlevania company lost most of its inventory in a fire in december just before the year-end physical inventory was

Find the electric field magnitude and direction a at the : four protons are placed at the corners of a square of side length a 1.0 angstrom. the square is in the x y quadrant of

Barrow manufacturing produces made-to-order backyard pools : barrow manufacturing produces made-to-order backyard pools. during the year barrow accepted a customer order that

Obtain the output response signal assuming a first order : a temperature measurement device with a time constant of 0.15 seconds outputs a voltage that is linearly proportional

Sanker inc has provided the following data for the month of : sanker inc. has provided the following data for the month of august. there were no beginning inventories consequently

User Account

All Pages