Solution-Compute the cost of goods destroyed

Compute the cost of goods destroyed

Assignment Help Accounting Basics

Reference no: EM132161391

Question - Leon Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $34,800. Purchases since January 1 were $75,700; freight-in, $3,600; purchase returns and allowances, $2,400. Sales are made at 33 1/3% above cost and totaled $100,100 to March 9. Goods costing $9,800 were left undamaged by the fire; remaining goods were destroyed.

Compute the cost of goods destroyed.

Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales.

Reference no: EM132161391

Questions Cloud

Evaluate the responsibilities of shareholders : Evaluate the responsibilities of shareholders who have different types of objectives within the corporation,

What price does the dividend-discount model predict : If Highline's equity cost of capital is 9.3 % per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict

Explain why you felt the article was relevant : Write a brief summary about your selected article and explain why you felt the article was relevant. Potential points earned: Up to 10 Points.

Market economies with competition among companies : Why might this kind of theorist also favor wide-open market economies with competition among companies?

Compute the cost of goods destroyed : Leon Legler requires an estimate of the cost of goods lost by fire on March 9. Compute the cost of goods destroyed

Evaluate future talent management practice : Analyze how operational objectives, their relationship to talent management, and the metrics could be applied to evaluate future talent management.

Market economies with competition among companies : Why might this kind of theorist also favor wide-open market economies with competition among companies?

Create opportunities that stretch their capabilities : For this assignment, consider the organization where you currently work or an organization where you may have worked in the past as a point of reference.

Hotel occupancy and housekeeping payroll costs : 1. What is the relationship between hotel occupancy and housekeeping payroll costs?

User Account

All Pages

Compute the cost of goods destroyed

Reference no: EM132161391

Reference no: EM132161391

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT