Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a substantial portion of inventory owned by prenti

A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the...

90.2K

Verified Solution

Question

Accounting

image
A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records: $198,100 402,100 600,800 The value of undamaged inventory counted was $125,492. Historically, Prentiss's gross margin percentage has been approximately 24 percent of sales. Required Estimate the following: a. Gross margin in dollars. b. Cost of goods sold in dollars. t of c. Ending inventory Pev 18 or 20 Next>

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The retail store Macy's is closing a bunch of stores. How does the store closures affect...

Economics
Q

A circular loop of radius 0 3 cm lies parallel to a much bigger circular...

Physics
Q

NUMERICAL VALUE TYPE This section contains 8 questions Each question is numerical value For each...

Physics
Q

The population of Ukraine in 2015 was 44.4 million and the expected continuous annual rate...

Basic Math
Q

The function f x is one to one Find f analytic 1

Calculus
Q

Problem 17-2A (Algo) Part 3 3. Complete the below table...

Accounting
Q

QUESTION 11 Each of the following transactions would be classified as a financing activity except:...

Accounting
Q

Swifty Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable...

Accounting
Q

1. Prepare a bank reconciliation as of July 31, 20Y0. If errors in recording deposits...

Accounting
Q

Assume that the amount of one of a company's variable expenses in its oxible budget...

Accounting
Q

**Objective Question:** Which set of standards governs the conduct of audits performed...

Accounting
Q

"Proceeds from sale of fixed assets is $13,550" Please complete a cash flow using the...

Accounting