A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31 October 20X3 a fire destroyed a considerable part of the inventory and all inventory records. Her trading account for the year ended 31 October 20X3 included the following figures: $ $ Sales 281,250 Opening inventory at cost 183,600 Purchases 249,200 432,800 Closing inventory at cost 204,600 228,200 Gross profit 53,050 Using this information, what inventory loss has occurred? A $61,050 B $87,575 C $40,700 D $110,850

Q: The following information is available for October for Sandhill Company. (Round answers to 0 decimal…

A: Formula: Gross profit = Net sales - cost of goods sold

Q: 1,700,000 Purchases - 3,900,000 Purchase return - 300,000 Sales - 6,500,000 Sales returns - 240,000

A: Valuation of closing inventory: Valuation of closing inventory based on gross profit value and rate…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Perpetual inventory System  means tracking of inventory ‘perpetually’ as it moves throughout the…

Q: The inventory of Swifty Company was destroyed by fire on March 1. From an examination of the…

A: Net Purchase cost = Purchases for the year - Purchase returns + Freight = $34,000 - $1,500 - $1,300…

Q: Metlock Company lost most of its inventory in a fire in December just before the year-end physical…

A: Formula: Amount of loss = Ending inventory - Undamaged inventory - Net realizable value of damaged…

Q: Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: FIFO is the first in first out method which helps in inventory valuation. Here inventory purchases…

Q: 1. A sole trader operates his business from a warehouse which has been damaged by fire which…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: corporation's books disclosed the following. Beginning inventory $ 183,500 Sales revenue $683,600…

A: solution : net purchase     =358400 – 30000                              =328400 Net sales…

Q: The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records…

A: Option 1 is the Correct Answer i.e $102.

Q: On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC…

A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…

Q: The Boxwood Company sells blankets for $30.00 each. The following was taken from the inventory…

A: Particulars No. of Units Cost per unit Total Value May 03 Purchase (23-9-12 units)  2 $10…

Q: A sole trader operates his business from a warehouse which has been damaged by fire which occurred…

A: 1 answer:  Gross profit is GHS 28000

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: Under FIFO method, old inventory is sold first and newer units are sold later.

Q: The inventory of Swifty Company was destroyed by fire on March 1. From an examination of the…

A: For calculating the ending inventory , we need to prepare the trading account.

Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…

A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…

Q: The Boxwood Company sells blankets for $ 40.00 each. The following was taken from the inventory…

A: Number of units available for sale = 10 + 16 + 10 = 36 units Number of units sold = 3 + 5 + 2 = 10…

Q: Using the gross profit method, the estimated ending inventory destroyed by fire is a. £34,000. b.…

A: Given information is: Sales = £600000 Percentage markup on cost  = 66.67% Then Cost of goods sold =…

Q: On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30.…

A: Accounts Payable = 3,500 x 4% = 140 Cost of Goods sold = 3,900 + 210 - 400 = 3,710

Q: Swifty Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $159,400, and…

A: The cost of goods sold represents the total cost of the goods that are required in the production…

Q: Blossom Company reported the following information for November and December 2022. November December…

A: Gross profit is the excess of the sales revenue over the cost of goods sold which is the cost…

Q: A sole trader operates his business from a warehouse which has been damaged by fire which occurred…

A: Formulas: Gross profit =  Sales revenue - Cost of goods sold

Q: Platinum Co. failed to record $72,000 credit purchase of goods that were received on the last day of…

A: Lets understand the basics. When any error is made in recording any expenses and error discovered in…

Q: The following information is available for October for Decko Company. Beginning inventory…

A:

Q: Company A reported that a flood recently destroyed many of their financial records. The entity used…

A: Ending inventory may be defined as the balance of inventory in the hands of company at the end of…

Q: The September 30 inventory at Liverpool Piano Repair was $43,750 at cost and $62,500 at retail.…

A: “Hello, since you have posted multiple questions. We will solve first question for you. Please…

Q: Louai sells 210300 units of inventory during her trading fear ended 31 December 2018. The selling…

A: Cost of Goods Sold: It is the total cost incurred by the business for the units sold during the…

Q: Vinnie has a small retail store and sells one product. His beginning inventory consisted of 1,000…

A:

Q: Mark has a small retail store and sells one product. His beginning inventory consisted of 1,000…

A: Meaning of FIFO Method  FIFO is a method of stock valuation that stands for ‘First-In, First-Out’.…

Q: The inventory of Marshall's Merchandise Company was destroyed by fire on June 1. From an ex-…

A: Income statement: This statement shows the income earned and loss incurred by the organization in…

Q: Giulia deals in fashion goods. At 31 December 20X5 her end of year inventory totals £18 270, valued…

A: This question deals with the inventory valuation. As per IFRS 2 "Inventories", inventory should be…

Q: On June 19, 20X0, a fire destroyed a fraction of the uninsured merchandise inventory of the ABC…

A:

Q: The closing inventory of Sand Sanitizer Limited amounted to $284,000 at 30 September 20X4, the…

A: According to accounting standard of inventories, inventories should be reported at a value cost or…

Q: he following information is available for October for Pharoah Company. (Round answers to 0 decimal…

A: solution: given Beginning inventory $320000 Net purchases 1040000 Net sales…

Q: On June 30, 2021, a fire at Norianna Company's only warehouse caused severe damage to its inventory.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The Boxwood Company sells blankets for $ 31.00 each. The following was taken from the inventory…

A: LIFO: Last in First out.

Q: . Nectarine Company lost most of its inventory in a fire in December, 2021, just before the year-…

A: The question is related to calculation of loss as a result of fire. We will first calculate the…

Q: Blue Company is a paints supply store. During the year, Blue Company sold 62 paint bottles.…

A: According to FIFO method, the goods purchased first are sold first and newer units are sold later.

Q: On September 30, 2020, a fire at Gray Company’s warehouse caused severe damage to its entire…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Muller Computers stores its inventory in a warehouse that burned to the ground in late November,…

A: Calculation of ending inventory Ending inventory = Beginning inventory + Purchases - Cost of Goods…

Q: During his trading year to 31 December 20X3 Solomon sells 19 000 units of inventory at £29.75 each.…

A: Sales = 19,000 x £29.75 = £565,250 Gross Profit = 19,000 x £7.50 = £142,500 Cost of goods sold =…

Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…

A: Under FIFO method of inventory  valuation goods purchased first, are sold first. Specific…

Q: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

A: Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for…

Q: Help

A:

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Inventory valuation is based on the flow of assumptions.As per the FIFO method, those units are…

Q: Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a…

A: Perpetual inventory method is a method in which estimation of inventory is done on the basis of…