Graded WP HW #7 (Ch 9) Fall × y WileyPLUS 9 Chegg Study l Guided Solutio × - X Y
ID: 2561911 • Letter: G
Question
Graded WP HW #7 (Ch 9) Fall × y WileyPLUS 9 Chegg Study l Guided Solutio × - X Your Answer ls incorrect. Tr x x csecure https://edugen.wileyplus.com/edugen/lti/main.uni ::: Apps Apple 9 University of Kentuc ESPN M McGraw-Hill Conne.. REEF Education c w webAssignCitrix XenApp-App M McGraw-Hill conne Bookshelf Online: Li. Kieso, Intermediate Accounting, 16e CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Question1 Ivanhoe Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following Graded WP HW #7 Question 1 Beginning inventory Purchases for the year Purchase returns $172,400 406,400 27,100 Sales revenue Sales returns Rate of gross profit on net sales $621,100 22,800 30 % Question5 Question 6 Merchandise with a selling price of $21,300 remained undamaged after the fire. Damaged merchandise with an original selling price of $14,600 had a net realizable value of $5,200. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage Amount of the loss uestion 1 Review Score Re Obiective Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER Waiting for edugen.wileyplus.comExplanation / Answer
ans) Computation of amount of loss as a result of fire:
Beginning inventory $172,400
Purchases $ 406,400
Less: Purchase returns ($27,100) $379300
Goods available for sale $551700
Less: Estimated COGS
Sales $621,100
Less: Sales returns ($228,00)
Net sales $598300
Less: Gross profit ( 30%) (179490) 418810
Estimated ending inventory 132890 Less: Undamaged goods
Selling price 21300
Less: Gross profit (30%) (6390)
14910
Less: Goods on hand--damaged (5200) 9710
Fire loss on inventory 123180
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.