Compute the cost of goods destroyed. (Round gross profit percentage and final answer to O decimal places, e.g. 15% or 125.)Cost of goods destroyed$eTextbook and Media15592Assistance UsedAttempts: 2 of 4 used(b)Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, e.g. 78.72345% and final answer to Odecimal places, e.g. 28,987.)Cost of goods destroyed$

To compute the cost of goods destroyed, we need to find the cost of the goods based on the given…

Answered: Compute the cost of goods destroyed.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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presented below are the components in determining cost of goods sold. Determine the missing amounts. BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $78,000 $98,000 $enter a dollar amount (a) $enter a dollar amount (b) $118,000 $48,000 $enter a dollar amount (c) $113,000 $33,000 $enter a dollar amount (d) $enter a dollar amount (e) $108,000 $158,000
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 = ?
(Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 331/3% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed.Instructions(a) Compute the cost of goods destroyed.(b) Compute the cost of goods destroyed, assuming that the gross profit is 331/3% of sales.
LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________
Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 33⅓% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed. Instructions a. Compute the cost of goods destroyed. b. Compute the cost of goods destroyed, assuming that the gross profit is 33⅓% of sales.
For each case below, find the missing amount. Case I Case II Case IIIBeginning inventory of finished goods ................... ? $12,000 $ 7,000Cost of goods manufactured during period ........$419,000 $95,000 ?Ending inventory of finished goods .......................... 98,000 8,000 21,000Cost of goods sold ............................................................ 405,000 ? 304,000
If ending inventory is understated by $25,000, what effect will this have on cost of goods sold and net income? a.Cost of goods sold is overstated by $25,000, and net income is understated by $25,000. b.Cost of goods sold is understated by $25,000, and net income is understated by $25,000. c.Cost of goods sold is understated by $25,000, and net income is overstated by $25,000. d.Cost of goods sold is overstated by $25,000, and net income is overstated by $25,000.
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $1,475 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units). (Round the "average unit cost" and final answer to the nearest cent.) Cost of ending inventory is: B. Calculate the cost of goods sold using the weighted-average method.(Round your intermediate calculations and final answer to the nearest cent.) Cost of goods sold is:
Power Company's ending inventory is understated by P7,000. The effects of this error in the current year's cost of goods sold and net income, respectively are.
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 A. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold is:
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $1,475 A. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units). Cost of goods sold is:
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round "Unit Cost" answers to 2 decimal places and other answers to the nearest dollar amount. Numberof Units Unit Cost Sales Beginning Inventory 260 $150 Sold 160 $190 Purchased 500 153 Sold 400 192 Purchased 400 160 Sold 370 224 Ending Inventory 230 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining #units Unit Cost Total Cost #units Unit Cost Total Cost #units Unit Cost Total Cost Beginning Sale Purchase Sale Purchase Sale Total Purchases Total COGS…

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