What is approximate value of inventory that was destroyed

Assignment Help Financial Accounting

Reference no: EM13130909

"What formula or steps do I need to follow to get 1,258,000?

On October 31, a fire destroyed PH Inc.'s entire retail inventory. The inventory on hand as of January 1 totaled $1,360,000. From January 1 through the time of the fire, the company made purchases of $330,000 and had sales of $720,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?

Reference no: EM13130909

Questions Cloud

Explain concentrations are equivalent to hcl : Calculate concentrations of H30+ and the pH of each acidic solution. Since HCl is a monoprotic acid, the H30+ concentrations are equivalent to HCl. First do equation: (M con)(V con)=(M dil)(V dil)

What is the current dollar value of this contribution : Boulder City Hospital has just been informed that a private donor is willing to contribute $20,000 per year at the beginning of each year for 15 years. What is the current dollar value of this contribution if the discount rate is 8 percent?

Determine the average waiting time : John Ballard works eight hours a day, five days a week. Each order is one window and each window takes 26 minutes. What is the average waiting time, in minutes?

What will her retirement account be worth at the end : After completing her residency, an obstetrician plans to invest $10,000 per year at the end of each year in a low-risk retirement account. She expects to earn five percent for 35 years. What will her retirement account be worth at the end of these..

What is approximate value of inventory that was destroyed : From January 1 through the time of the fire, the company made purchases of $330,000 and had sales of $720,000. Assuming the rate of gross profit to selling price is 40%, what is approximate value of the inventory that was destroyed?

Compute concentrations of oh and the ph : Calculate concentrations of OH- and the pH of each basic solution. Since NaOH donates on OH- ion for each NaOH molecule, the OH- concentration is equivalent to the NaOH molarity. The pOH is calculated as -log[OH-] and the pH is calculated as 14-pO..

Calculate the effect of the equipment lease : Tranquility, Inc., an exempt organization, leases factory equipment to Blouses, Inc. Blouses is a taxable entity that manufactures women's clothing for distribution through upscale department stores.

Reducing fractions with variable and constant : A step-by-step example on multiplying and reducing fractions with variable and constant terms. Multiply. Write answer in lowest terms.

Illustrate what amounts should bbc record for the bonds : BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. Illustrate what amounts should BBC record for the bonds upon issuance using US GAAP and IFRS?

User Account

All Pages