Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 4.00

Castlevania Company

Gross Profit Method Castlevania 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.
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 undamaged after the fire. Damaged merchandise with an original selling price of $15,000 had a net realizable value of $5,300.Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 10:07 PM My Price 4.00

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