Solved: The merchandise inventory was destroyed by fire on august, Cost Accounting

+44 141 628 6080
[email protected]

The merchandise inventory was destroyed by fire on august

The merchandise inventory was destroyed by fire on August 19. The following data were obtained from the accounting records:

Jan.1Merchandise inventory$360,000
Jan. 1-Aug.19Purchase (net)3,200,000
Sales (net) 5,200,000
Estimated gross profit rate36%
a-Estimate the cost of the merchandise destroyed.
b-Briefly describe the situations in which the gross profit method is useful.

Solution Preview :

Prepared by a verified Expert

Cost Accounting: The merchandise inventory was destroyed by fire on august

Reference No:- TGS0768479

Now Priced at $30 (50% Discount)

Recommended (97%)

Rated (4.9/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Cost Accounting

Q : After our sun exhausts its nuclear fuel its ultimate fate

after our sun exhausts its nuclear fuel its ultimate fate may be to collapse to a white dwarf state in which it has

Q : A barge on the ohio river is 35 ft wide and 200 ft long

a barge on the ohio river is 35 ft wide and 200 ft long with walls which are 12 ft higha one day you see it going up

Q : A very large water tank has a small outlet pipe very near

a very large water tank has a small outlet pipe very near its base the outlet pipe is 2 cm in diameter and points

Q : When an open-faced boat has a mass of 5150 kg including its

when an open-faced boat has a mass of 5150 kg including its cargo and passengers it floats with the water just up to

Q : The merchandise inventory was destroyed by fire on august

the merchandise inventory was destroyed by fire on august 19 the following data were obtained from the accounting

Q : A 200 meter long horizontal plank whose mass is 300 kg is

a 200 meter long horizontal plank whose mass is 300 kg is placed so that the very end the right end rests on a

Q : What is the energy of a photon of green light with a

what is the energy of a photon of green light with a frequency of 551 multiplied by 1014

Q : We are all unique due to the infinitely possible

we are all unique due to the infinitely possible combinations of genes environments and experiences however we all

Q : The drawing shows an intravenous feeding with the distance

the drawing shows an intravenous feeding with the distance shown nutrient solution 1010 kgm3 can just barely enter

1957971

Questions
Asked

3,689

Active Tutors

1441745

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

What might be the best type of group model for joe

Using the case example in Figure 2-3 in TIP 41 (p. 26), What might be the best type of group model for Joe?

Where are the frontal lobe and parietal lobe located

Using directional terminology, where are the frontal lobe and parietal lobe located relative to the central sulcus, according to the textbook?

How to make a positive change in a childs development

What do you think are the best methods for nonfamily members to make a positive change in a child's development?

Strategies to escape an emotional response to the stressor

This is a Student stress lab: Researchers Folkman and Lazarus (1988) classified coping int & two main types of strategies.

Discuss bipolar disorder with stress, anxiety and depression

Yes, Sherman can Yes, Sherman can void the deal as he frequently suffers from bipolar disorder with stress, anxiety and depression.

How students with autism engage in their learning

Question: How have you seen/experienced students with autism engage in their learning? How did you know they were engaged?

How do adolescents feel about goal therapy

Restate your research question, your chosen approach, and your sampling: "How do adolescents feel about goal therapy and their perceived success?"