Blossom Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $39,520. Purchases since January 1 were $74,880; freight-in, $3,536; purchase returns and allowances, $2,496. Sales are made at 33 1/3% above cost and totaled $117,000 to March 9. Goods costing $11,336 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed = ? Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales = ?

Q: On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: Cost of inventory destroyed can be found out by applying the gross profit ratio on sale and finding…

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

A: Estimated cost of inventory destroyed by fire = Beginning inventory + Purchases - Cost of goods sold…

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

A: Net Purchases = Purchases for the year - Purchase returns = $390,000 - $30,000 = $330,000 Net sales…

Q: The Main Company requires an estimate of cost of goods lost in a fire on May 10, 2019. Merchandise…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: Sales are made at 33 1/3% above cost and totaled $111,000. Let the Cost of Goods sold be $x.…

Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: Gross Profit Method:   Under this method, the beginning inventory is added to the net purchases…

Q: Bobbie Howell was at home when he received a call from the fire department telling him his store had…

A: To calculate the inventory which is lost in fire , we need to calculate the closing inventory as on…

Q: On February 7 of the following year,the merchandise inventory was destroyed by fire based on the…

A:

Q: On March 15, a fire destroyed MyCompany's entire retail inventory. The inventory on hand as of…

A: Cost of goods sold = Beginning inventory + Purchases + Freight in - Closing inventory

Q: On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store.…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: On April 31 2017 KIFOs store room was destroyed by fire. KIFO requires an estimate of the cost of…

A: Sales given is 1,080,000, using sales calculate the Cost of goods sold. Formula for cost of goods…

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A: Cost of Goods sold = Sales - Gross profit =$8,200,000-8,200,000*20%  = $6,560,000

Q: The ABC Company had its entire inventory destroyed when a fire swept through the company's…

A: Inventory valuation is a technique that is used by companies to find out the value of the ending…

Q: A fire on 28th Feb destroyed some of a company’s inventory and its  inventory records. The following…

A: Inventory is the value of goods manufactured, purchased or traded by the company.

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A: Whenever head office sells goods to its branch it will add certain markup on cost price. Such markup…

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A: Solution: Introduction: Inventory means goods are available for sale and raw materials used in the…

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A: The gross profit method computes inventory value by attempting to apply the firm's future…

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A:

Q: On 30 September 2014 part of the inventory of a company was completely destroyed by fire. The…

A: Cost of goods sold = Sales - gross profit = $130000 - 130000 x 30% = $91,000

Q: On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the…

A: The gross profit approach is a method of determining the volume of finishing inventory in a given…

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

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A: Step 1: Calculate the cost of goods sold.

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

Q: estimated cost of merchandise inventory destroyed by fire

A: Cost of goods sold = (Sales - Sales Return & Allowance) * (100% - Gross Profit Rate) Given that,…

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

A:

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: On September 30, 2020, a fire at Cherimoya 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…

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A: solution : step 1 first let us calculate average gross profit of past three years total sale =…

Q: Supreme Clothing suffered a hurricane loss and needs to estimate the cost of the inventory that was…

A:

Q: On October 31, 2010, a flood at Pamela Company’s only warehouse caused severe damage to its entire…

A: Cost of goods sold:- It refers to the direct cost of producing the goods sold by a company. This…

Q: Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise…

A: Answer -    Computation of estimated value of inventory damaged by fire : Particulars  Amt Amount…

Q: Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A:

Q: Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on…

A: 1. Cost of Goods Destroyed - Cost of Goods Destroyed by fire is the goods destroyed and reduced from…

Q: Tillman, Inc, bills its only branch for merchandise shipments at a markup of 20% above home office…

A: 1. Cost of goods sold for sales by branch = (Sales - Sales returns) / (1+markup) = ($48,000 -…

Q: The Star Company's inventory was partially destroyed on July 4, 2004, when its warehouse caught on…

A: The entity saved an inventory of $ 8500, which means the remaining inventory is destroyed by fire.…

Q: On 1st Jan 2006, a business had inventory of $19,000. During the month, sales totalled $32,500 and…

A: Here, we need to use the retail gross profit method to assess thr loss. This method is used by the…

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…

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Q: Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise…

A: Goods are sent to buyer on either one of the FOB basis. It can FOB destination or FOB shipping…

Q: A fire wiped out Plymouth Paper Company's Inventory. The insurance company will accept an estimate…

A:

Q: On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales…

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Q: On April 15 of the current year, a fire destroyed the entire inventory of Nourish, a retail store.…

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A: Beginning inventory = $ 6350 Net purchases = $ 64700 Net sales at retail = $ 49700 Gross profit…

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.