User Account

All Pages

Estimate the inventory of goods on hand

Assignment Help Accounting Basics
Reference no: EM132431743

Question - An inventory taken the morning after a large theft discloses $53,000 of goods on hand as of March 12. The following additional data is available from the books:

Inventory on hand, March 1 $81,000

Purchases received, March 1 - 11 60,500

Sales (goods delivered to customers) 108,500

Past records indicate that sales are made at 40% above cost.

Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss.

Reference no: EM132431743

Questions Cloud

Quantities of substances required for the change : State three ways to make this solution saturated and state the quantities of substances required for the change.
Estimate cost of inventory burned : On December 31, 2021 Cullumber Company's inventory burned. The beginning inventory (Jan. 1, 2021) was $181,000; Estimate cost of inventory burned
Electron configuration of an element : Define ionization energy. Describe how ionization energy impacts ionic bonding. The electron configuration of an element is shown below.
ITECH 1100 Understanding the Digital Revolution Assignment : ITECH 1100 Understanding the Digital Revolution Assignment Help and Solution, Supplementary Assessment Writing Service - Disruption - Federation University
Estimate the inventory of goods on hand : Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss
What is the final temperature of water : What is the final temperature of water given an initial temperature of 28 °C, a mass of 5 g, and heat (q) of 184 J (Specific Heat of water = 4.184 )?
Why were other groups less likely to be upset : Who in the American colonies (which group or groups of people) was most likely to be angry about the economic and political conflicts described in this lecture?
Develop a list of ten compounds : Develop a list of ten compounds (names and formulas), other than metals or alloys, which have intermolecular forces sufficiently different from that of water
Basic Call to Consciousness Article : Basic Call to Consciousness Article Assignment help and solutions:- What does this term reference? Why is this term introduced?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Seeking to balance the maintenance of objectivity

The Companies Act 1985 (Disclosure of Remuneration for Non-audit Work) Regulations SI No 1991/2181 requires companies to disclose all payments made to their auditors. Discuss the additional information that would be required in order to make the d..

  Compare the bank statement with the cash receipts journal

Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journal. Make supplementary entries in both journals. Close off/cast the bank columns in the journals

  Describe why the selected method is most appropriate

Think about the costs associated with developing and manufacturing your product. Identify whether the company would use process or product costing.

  Earnings per share information

The Maytag Corporation's income statement includes income from continuing operations, a loss from discontinued operations, and extraordinary items. Earnings per share information would be provided for:

  The following expenditures were incurred by obermeyer

the following expenditures were incurred by obermeyer company in purchasing land cash price 71722 accrued taxes 3898

  Alamo company has sales cost of goods sold and average

alamo company has sales cost of goods sold and average ending inventory for the current year in the following amounts

  Grill works and more has 7 percent preferred stock

grill works and more has 7 percent preferred stock outstanding that is currently selling for 49 a share. the market

  Compute prior service cost amortization

Mancuso Corporation amended its pension plan on January 1, 2014, and granted $160,000 of prior service costs to its employees.

  Garland mills purchased a certain piece of machinery 2

garland mills purchased a certain piece of machinery 2 years ago for 500000. its present resale value is 380000.

  Conduct research into the question

Conduct research into the question and provide LCC with a letter asserting your opinion based on your research

  How much is total manufacturing costs incurred

During 2011 the company purchased $150,000 of raw materials, incurred direct labor costs of $215,000, How much is total manufacturing costs incurred

  Citrus company is considering a project that has estimated

citrus company is considering a project that has estimated annual net cash flows of 26625 for seven years and is

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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