Solution-Compute the cost of goods destroyed

Compute the cost of goods destroyed

Reference no: EM133129957

Question - Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $49,400. Purchases since January 1 were $93,600; freight-in, $4,420; purchase returns and allowances, $3,120. Sales are made at 33 1/3% above cost and totaled $156,000 to March 9. Goods costing $14,170 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.

Reference no: EM133129957

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Compute the cost of goods destroyed

Reference no: EM133129957

Reference no: EM133129957

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