Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 4.00

Rheinhart Merchandise Company

On August 15, 2011, a hurricane damaged a warehouse of Rheinhart Merchandise Company. The entire inventory and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through the use of the remaining records, the following data are assembled:
Inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 375,000
Purchases, January 1–August 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,385,000
Cash sales, January 1–August 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000
Collection of accounts receivable, January 1–August 15 . . . . . . . . . 2,115,000
Accounts receivable, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000
Accounts receivable, August 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,000
Salvage value of inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Gross profit percentage on sales . . . . . . . . . . . . . . . . . . . . . . . . . . . 32%
Compute the inventory loss as a result of the hurricane.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 10:07 PM My Price 4.00

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