What is the estimated amount of fire loss for interim period

Assignment Help Accounting Basics
Reference no: EM133117789

Question - On September 30, 2021, a fire at Eirene Company's warehouse caused severe damage to the entire inventory. The entity has a gross profit of 30% on cost. The following data in millions are available for nine months ending September 30, 2021: Beginning inventory - 1.1; Net purchases - 6.0; Net sales - 7.28. A physical inventory disclosed usable damaged goods which can be sold for 100K. What is the estimated amount of fire loss for the interim period ending September 30?

1. Kira Corp. values its inventory by using retail method:

2. How much is the ending inventory at cost assuming the company uses average LCM approach?

3. How much is the ending inventory at cost assuming the company uses average retail approach?

4. How much is the ending inventory at cost assuming the company uses FIFO retail approach?

5. How much is the ending inventory at cost assuming the company uses FIFO LCM approach?

Reference no: EM133117789

Questions Cloud

What is the carrying amount of biological assets : On January 1, 2021, Spade Inc. has a herd of 100 two-year old animals. What is the carrying amount of biological assets before adjustment on December 31, 2021
Prepare a literature review for banking strategies : Prepare a literature review for the topic (Banking strategies to predict default of unlisted construction firms).
How much is the fifo cogs as of january : How much is the FIFO COGS as of January 31, 2022 - 01/23 - Sale via FOB Destination, released same day - 2,500 at P50
What management is in today business environment : Discuss the overall concept of what Management is in today's business environment and why efficiency and effectiveness matter.
What is the estimated amount of fire loss for interim period : A physical inventory disclosed usable damaged goods which can be sold for 100K. What is the estimated amount of fire loss for interim period ending September
Prepare wildhorse november entry : Prepare Wildhorse's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry
Prepare grouper august journal entry : Grouper Magazine sold 12,600 annual subscriptions on August 1, 2020, for $22 each. Prepare Grouper's August 1, 2020, journal entry
Organization demographics-business strategies : An organization's demographics are an important factor to consider for its business strategies.
Prepare a statement of cost of goods manufactured : The ending inventory of finished goods is 1.5 times beginning inventory. Prepare a statement of cost of goods manufactured for the year

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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