Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 01 Aug 2017 My Price 5.00

Tim Legler

(Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 331/3% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed.

Instructions

(a) Compute the cost of goods destroyed.

(b) Compute the cost of goods destroyed, assuming that the gross profit is 331/3% of sales.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 07:08 PM My Price 5.00

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