O august 18 a fire destroyed the office lumber shed and a

Assignment Help Accounting Basics

Reference no: EM13610029

Sliver Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.

Lumber 25%
Millwork 30%
Hardware and fittings 40%

On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.

Lumber Millwork Hardware
Inventory, Jan. 1, 2011 $ 250,000 $90,000 $45,000
Purchases to Aug. 18, 2011 1,500,000 375,000 160,000
Sales to Aug. 18, 2011 2,050,000 533,000 245,000

Reference no: EM13610029

Questions Cloud

The pipe is 500 feet long contains two 1-ft-radius bends : water flows from a storage tank through a horizontal 6-inch pipe cast iron and discharges water 20 degrees celsius into

A 89 nm thick coating is applied to the lens what must be : antireflection coatings can be used on the inner surfaces of eyeglasses to reduce the reflection of stray light into

Abc company uses 1of all credit sales to estimate bad debt : abc company uses 1of all credit sales to estimate bad debt expense.the sales for this year are credit revenues 210000

If the pipe diameter is 30 cm compare the head loss : a 6-km cast-iron new pipeline conveys 320 lsec of water at 30 degrees celsius. if the pipe diameter is 30 cm compare

O august 18 a fire destroyed the office lumber shed and a : sliver lumber company handles three principal lines of merchandise with these varying rates of gross profit on

Suppose a carnot refrigerator is used to cool the interior : suppose a carnot refrigerator is used to cool the interior of a food storage locker from room temperature to 5degc. as

The flow rate is 80 liters per second and pressure is : water flows through a 20-cm commercial steel pipe at 20 degrees celsius. the flow rate is 80 liters per second and

A company projects an increase in net income of 90000 each : a company projects an increase in net income of 90000 each year for the next five years if it invests 450000 in new

The person illustrated below is performing an exercise to : the person illustrated below is performing an exercise to build shoulder strength. we need to get an estimate of the

User Account

All Pages