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limeyak572Lv1
28 Sep 2019
Castlevania Company lost most of its inventory in a fire inDecember just before the year-end physical inventory was taken. Thecorporation's books disclosed the following.
Beginning inventory $170,000 Sales
$650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%
Merchandise with a selling price of $21,000 remained undamagedafter the fire. Damaged merchandise with an original selling priceof $15,000 had a net realizable value (after the fire) of$5,300.
Compute the amount of the loss as a result of the fire, assumingthat the corporation had no insurance coverage
Castlevania Company lost most of its inventory in a fire inDecember just before the year-end physical inventory was taken. Thecorporation's books disclosed the following.
Beginning inventory $170,000 Sales
$650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%
Merchandise with a selling price of $21,000 remained undamagedafter the fire. Damaged merchandise with an original selling priceof $15,000 had a net realizable value (after the fire) of$5,300.
Compute the amount of the loss as a result of the fire, assumingthat the corporation had no insurance coverage
Beginning inventory $170,000 Sales
$650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%
Merchandise with a selling price of $21,000 remained undamagedafter the fire. Damaged merchandise with an original selling priceof $15,000 had a net realizable value (after the fire) of$5,300.
Compute the amount of the loss as a result of the fire, assumingthat the corporation had no insurance coverage
Trinidad TremblayLv2
28 Sep 2019