On 1 September 20X6, a business had inventory of $380,000. During the month, sales totalled $650,000 and purchases $480,000. On 30 September 20X6 a fire destroyed some of the inventory. The undamaged goods in inventory were valued at $220,000. The business operates with a standard gross profit margin of 30%. Based on this information, what is the cost of the inventory destroyed in the fire?

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

A: Net sales = Sales revenue - Sales returns = $415000 - $21000 = $394000 Gross profit = Net sales x…

Q: A fire in July, just before the year-end physical inventory, destroyed the majority of GH…

A: Gross profit is the sales revenue which is over and above cost of goods sold. Cost of goods sold…

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: 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: 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: 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: On March 1, AYE Merchandising had an inventory of P560,000 in its retail store. Purchases made in…

A: The merchandise loss can be incurred due to fire or theft, etc. This loss can be estimated with the…

Q: How much is the loss on fire at Nov 6, 20X1?   a. 3,900 b. 9,150 c. 13,000 d. 30,500

A: Loss on fire :- Inventory on 6th Nov 2021 * 30% Closing inventory on 6th Nov 2021 :- (opening…

Q: Eastman 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 = $290,000 - $28,000 = $262,000 Net sales…

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.

Q: Marigold Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank.…

A: Gross Profit is profit earned on selling the goods, which is calculated by deducting Cost of goods…

Q: Sheffield Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank.…

A: working note 1. Gross profit  margin  formula =Gross profit/Net sales * 100 Gross profit will be…

Q: Marigold Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $164,900,…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold. In…

Q: Mushroom Inc. had an explosion in its plan that destroyed most of its inventory. Its records show…

A: Given: Beginning inventory =$40000Purchases =$480000Sales =$620000gross profit=25%Sale of damaged…

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: 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…

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

A: >Ending inventory is the amount of inventory left on hand at the end of period. >Due to…

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…

Q: Inventory

A: Trading A/c…

Q: On 1 September 20x6, a business had inventory of $380,000. During the month, sales totalled $650,000…

A: We have the following information: Opening Inventory: $380,000 Sales: $650,000 Purchases: $480,000…

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: LAVARN Company sells milled rice in Isabela Province. On September 15, a flood destroyed the…

A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio

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: n September 30, 2020, a fire destroyed most of merchandise inventory of Karrie Company. All goods…

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

Q: A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20- -. Fortunately,…

A: Gross profit = sales * gross profit percentage

Q: On 1st Nov 2020, a business had inventory of $380,000. During the month,  sales totalled $650,000…

A: Data given: Opening inventory = $380,000 Purchase during the month= $480,000 Sales during the month…

Q: A company has inventory of $550,000 in a warehouse that's is completely destroyed by fire. There is…

A: An inventory stored in a warehouse carries may types of risk which also involves damaged caused by…

Q: On June 30, a fire destroyed Intense Company's entire inventory. The inventory on January 1 totaled…

A: Cost of goods sold = P7800000 × 70%       =   P5460000

Q: Riverbed Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank.…

A: The ending inventory is the inventory that is left unsold in the business.

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: LAVARN Company sells milled rice in Isabela Province. On September 15, a flood destroyed the…

A: Estimated ending inventory can be calculated by deducting the total cost of goods sold from total…

Q: Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company’s…

A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio

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

A: Gross Profit on Sales= 25% ÷ (100% + 25%) = 20%Ending Inventory= Beginning inventory + Net purchases…

Q: Late on the night of August 30, 2021, an arsonist destroyed the FAITHFUL Inc's warehouse which was…

A: Gross profit = $745,200*40% Gross profit = $298,080

Q: On June 30, 2021, a fire at Norjanna 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 April 15 of the current year, a fire destroyed the entire inventory of Nourish, a retail store.…

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

Q: Over the past 3 years, the gross profit rate for Jini Company was 42%. Last week a fire destroyed…

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.