Merchandise with a selling price of 21000 remained

Reference no: EM13598783

Castlevania Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following.

Beginning inventory $170,000 Sales $650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%

Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value (after the fire) of $5,300.

Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.
Fire loss on inventory $?

Reference no: EM13598783

Questions Cloud

Global world inc a u s corporation has interest expense for : global world inc. a u. s. corporation has interest expense for the tax year of 200000 no portion of which is directly

Transaction analysis-various accounts enter the following : transaction analysis-various accounts enter the following column headings across the top of a sheet of

Budgeted sales are january 433000 units february 420000 the : budgeted sales are january 433000 units february 420000. the company requires maintaining units on hand at the end of

Ghosh company has credit sales of 28 million for year 2009 : ghosh company has credit sales of 2.8 million for year 2009. on december 31 2009 the companys allowance for doubtful

Merchandise with a selling price of 21000 remained : castlevania company lost most of its inventory in a fire in december just before the year-end physical inventory was

Beaverhead creek inc bottles and distributes springwater on : beaverhead creek inc. bottles and distributes springwater. on march 4 of the current year beaverhead creek reaquired

Hampton textile co manufactures a variety of fabrics all : hampton textile co. manufactures a variety of fabrics. all materials are introduced at the beginning of production

What salary would seiko need to receive from her current : seikos currently has salary of 130000 and she fancies european sports cars. she purchases a new auto each year. seiko

Telleron company has the following information for march : telleron company has the following information for march sales 510000 variable cost of goods sold 245000 fixed

User Account

All Pages