Compute the estimated cost of inventory burned

Assignment Help Financial Accounting
Reference no: EM132791033

Gross profit method.

On December 31, 2021 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2021) was $170,000; in the past Felt's gross profit has averaged 30% of selling price.

Instructions

Problem 1: Compute the estimated cost of inventory burned, and give entries as of December 31, 2021 to close merchandise accounts

Reference no: EM132791033

Questions Cloud

Describe principal effects of china increasing prosperity : Describe the principal effects of China's increasing prosperity on U.S.- China relations. Explain whether you believe the rise of China as a superpower.
What could the vc possibly do with the loan to share : What could the VC possibly do with the loan to share some of your firm's growth potential? (Use something discussed in EC302 to elaborate)
What was enbridge book debt-equity ratio : A market price of $31 per share. Enbridge also had cash of $112 billion, and total debt of $199 billion. What was Enbridge's book debt-equity ratio?
How did the mexican muralism movement impact the chicano : What role does cultural expression play in changing people's minds and promoting social change? How did the Mexican Muralism movement impact the Chicano.
Compute the estimated cost of inventory burned : On December 31, 2021 Felt Company inventory. Compute estimated cost of inventory burned, and give entries as of December 31, 2021 to close merchandise accounts
Firm current capital structure weights for equity and debt : Suppose that a company's equity is currently selling for $22.50 per share and that there are 4.20 million shares outstanding.
How were they influenced by the historical moment : Explore the work of one artist or group of artists to describe how their work made an impact in Latin America. What did they contribute?
Discuss importance of research in marketing : Define the Five-Step Marketing Research Approach and discuss the importance of research in marketing. Define service differentiation.
What is the price of the bond and current yield : If the yield to maturity on this bond is 4.2 percent, what is the price of the bond? What is the current yield? Assume semiannual compounding periods

Reviews

Write a Review

Financial Accounting Questions & Answers

  What accounts should be debited and credited by the payee

The maker of a $240,000, 6%, What accounts should be debited and credited by the payee to record the dishonored note receivable

  Give reasons for cash flow falling under investing activity

Give reasons for the cash flows falling under the investing activities.Depreciation charged on these tangible assets for the year @10%.

  How much of the profit is credited to Apple

Adams gets credit for salary of ?120,000. How much of the profit is credited to Apple if they share profits in a ratio of 40:60. respectively?

  Calculate earnings on equity shares for modi vanaspathi ltd

Calculate earnings on equity shares for Modi vanaspathi Ltd. Modi vanaspathi Ltd. Is capitalised with Rs.10,00,000 divided into 1,00,000 equity shares of Rs.10

  What is the amortization table through first two interest

On march 1 , 2002 Pyne furniture co issued P 700,000. What is the amortization table through the first two interest periods using effective interest method.

  How each amount in the flexible budget was calculated

Explain how each amount in the flexible budget was calculated and determine the variance for each line of the profit and loss statement in both dollar terms and percentage terms

  High-low method determining an equation for electricity

high-low method determining an equation for electricity cost forecasting electricity cost at a volume using such

  Calculate the earnings per share of common stock

Gladwell Industries reported net income of $813,700 for its fiscal year ended September 30, 2016. At the beginning of that fiscal year, 257,000 shares of common stock were outstanding. Calculate the earnings per share of common stock for the year end..

  How many dollars has the cash management system freed up

lf the ?rm has $4.55 million per day in collections and $3.55 million per day in disbursements, how many dollars has the cash management system freed up?

  What is one benefit of consolidating federal student loans

What is one benefit of consolidating Federal student loans? Being able to add to your student loans, even though you are no longer a student

  Prepare necessary general journal entries - ending december

Prepare all necessary general journal entries for the year ending December 31, 2009 in an excel sheet. Include supporting calculations of all amounts in a separate schedule.

  What are tax consequences to justin for these expenditure

legal and accounting fees to set the business up and $9,000 for staff training. What are the tax consequences to Justin for these expenditures when the restaurant opens in July? For Rachel?

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