50.1K

Verified Solution

Link Copied!

help please due very soon(clear pics)

rofit method. Data table Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for January 1 to January 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule. fiet peactanewit. reenville Company, a camera store, lost some inventory in a fire on January 15 . To file an insurance claim, the company must estimate its January 15 invent ales. Its inventory records reveal the following data (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method Sreenville Company, a camera store, lost some inventory in a fire on January 15 . To fle an insurance claim, the company must estimate its January 15 in ales. Its inventory records reveal the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Estimate the cost of the lost inventory using the gross profit method. Add: Less: Net p Estir for this product through gross proft Show the dotalled computations of cost of poods sold in 15 for this product through gross prost Show the detalied computations of cost of goods sold in at se Estimatied cast of goods sold: Less: Estimated cost of goods sold Estinuted cost of ending tevertiory bus Begin by thouing the detailed computations of cout of goods sols lese Ceechetinntes ubs Caseirime Conequey Requirement 2. Prepare the income statement for danuary 1 to January 15 for this product through gross profit. Show the detalled computations of c Begin by showing the detailed computations of cost of aoods sald. Question 6 Question 7 Question 8 Quostion 9 Requirement 2. Prepare the income statement for January 1 to January 15 for this product through gross profit. Show the detailed comput Begin by showing the detailed computations of cost of goods sold. Add: Less: Less: Cost of goods sold Now prepare the January income statement for this product through gross profit. Greenville Company Income Statement (partial) Period Ending January 15 (date of the Fire) Gross proflt Beginning inventory Cost of goods available for sale Cost of goods sold Net income Net sales revenue Non Purchase discounts of goods sold. product through gross profit. Purchase returns Purchases

Answer & Explanation Solved by verified expert

See Answer