Solution-Compute the cost of goods destroyed

Compute the cost of goods destroyed

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Reference no: EM133101828

Question - Crane Corp. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $48,640. Purchases since January 1 were $115,920; freight-in, $4,352; purchase returns and allowances, $3,072. Sales are made at 33 1/3% above cost and totaled $151,200 to March 9. Goods costing $13,780 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed.

Reference no: EM133101828

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Compute the cost of goods destroyed

Reference no: EM133101828

Reference no: EM133101828

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