Compute the cost of goods destroyed.

Assignment Help Accounting Basics
Reference no: EM13676004

E9-13B (Gross Profit Method) McGriff requires an estimate of the cost of goods lost by fire on
March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000;
freight-in, $6,800; purchase returns and allowances, $4,800. Sales are made at 25% above cost and
totaled 200,000 to March 9. Goods costing $21,800 were left undamaged by the fire; remaining goods
were destroyed.
Instructions
(a) Compute the cost of goods destroyed.
(b) Compute the cost of goods destroyed, assuming that the gross profit is 25% of sales.

Reference no: EM13676004

Questions Cloud

International network solutions : International Network Solutions
The return on assets : What does it mean when the return on assets 5% is greater than the return on stockholders' equity 3.75%?
Two large thin metal plates with surface charge densities : Two large thin metal plates with surface charge densities of opposite signs however equal magnitude of 44.27 ×10–20 Cm–2 are placed parallel and close to each other. What is the field?
Handling of harmonious industrial relations : what will be your action in establishing and handling of harmonious industrial relations in order to creat conductive working environment?
Compute the cost of goods destroyed. : (a) Compute the cost of goods destroyed.
Any reasons for not succeeding in achieving my dream : Any reasons for not succeeding in achieving my dream.
discover the electric field at the surface of the cylinder : A uniformly charged, straight filament 7.00 m in length has a total positive charge of 2.00 C. An uncharged cardboard cylinder 2.00 cm in length and 10.0 cm in radius surrounds the filament at its center, with the filament as the axis of the cylinder..
Find the project expected npv : Find the project expected NPV
Competent audit evidence to afford a reasonable : The auditor obtain sufficient competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under audit.

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company has 100000 of us source taxable income and 300000

a company has 100000 of u.s. source taxable income and 300000 of foreign source taxable income from countries x and y

  A company uses the weighted average method for inventory

a company uses the weighted average method for inventory costing. during a period department a finished and transferred

  Compute net futa tax

Peyton Company payroll for the year is $737,910 of this amount, $472,120 is for wages paid in execess of $7,000 to each individual employee. The SUTA rate in Peyton company's state is $2.9% on the first $7,000 of each employee's earnings.

  Berne inc uses a flexible budget for manufacturing overhead

berne inc. uses a flexible budget for manufacturing overhead based on machine hours. variable manufacturing overhead

  Hart corporation had year-end assets of 1200000 sales of

heart corporation had year-end assets of 1200000 sales of 1650000 net income of 140000 net cash flows from operating

  Are the revenues and expenses in a governmental units

the general fund is often considered to be the principal financial statement for a governmental unit. contrast in

  Provide examples of how your two selected components of

internal controls are required to safeguard assets and to ensure ethical business practices.1 identify and explain the

  On february 28 dudley curry company had an 85000 debit

on february 28 dudley curry company had an 85000 debit balance in accounts receivable. during march the company had

  The per-unit standards for direct labor are 2 direct labor

the per-unit standards for direct labor are 2 direct labor hours at 12 per hour. if in producing 1200 units the actual

  During 2010 jennifer industries reported cash provided by

during 2010 jennifer industries reported cash provided by operations of 230000000 cash used in investing of 343000000

  What is a steering committee and what role can they play in

what is a steering committee and what role can they play in planning for the acquisition of new computers. what

  On august 1 2011 the company is paid 3840 cash in advance

on august 1 2011 the company is paid 3840 cash in advance to provide monthly service for an apartment complex for one

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!

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