The Main Company requires an estimate of cost of goods lost in a fire on May 10, 2019. Merchandise on hand on January 1 was $42,000. Purchases since January were $63,000; freight in was $4,800; purchase returns and allowances was $6,000. Sales are made at 2 times cost and sales totaled $100,000 thru May 10, 2018. Goods costing $16,000 were left undamaged by the fire. Please compute the cost of the goods destroyed in the fire.

The Main Company requires an estimate of cost of goods lost in a fire on May 10, 2019. Merchandise on hand on January 1 was $42,000. Purchases since January were $63,000; freight in was $4,800; purchase returns and allowances was $6,000. Sales are made at 2 times cost and sales totaled $100,000 thru May 10, 2018. Goods costing $16,000 were left undamaged by the fire. Please compute the cost of the goods destroyed in the fire.

Name: 4) The Main Company requires an estimate of cost of goods lost in a f
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Description: 4) The Main Company requires an estimate of cost of goods lost in a fire on May 10, 2019.Merchandise on hand on January 1 was $42,000. Purchases since January were $63,000; freight in was $4,800; purchase returns and allowances was $6,000.Sales are

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...

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