Exercise 9-15 Steve Legler requires an estimate of the cost of goods lost by fire...
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Accounting
Exercise 9-15 Steve Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $40,100. Purchases since January 1 were $71,700; freight-in, $3,800; purchase returns and allowances, $2,200. Sales are made at 33 1/3% above cost and totaled $91,600 to March 9 Goods costing $10,700 were left undamaged by the fire; remaining goods were destroyed Your answer is incorrect. Try again. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, eg, 15% or 125.) Cost of goods destroyed 79800 LINK TO TEXT Your answer is incorrect. Try again. Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, eg. 78.7234590 and final answer to 0 decimal places, eg. 28,987.) Cost of goods destroyed 32235 LINK TO TEXT
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