Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, a store had inventory of $48,000. ja

On January 1, a store had inventory of $48,000. January purchases were $46,000 and January...

80.2K

Verified Solution

Question

Accounting

On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales were $90,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $7,500 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage. Label all figures.

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

what's the effect of change in mobile phase flow rate in HPLC and the effect of change...

Chemistry
Q

Did I answer these correctly? Too many true answers based on my research. Uncertain about 1,...

Psychology
Q

Jane was attacked by an unknown man. She was able to free herself and ran to...

Psychology
Q

3 Approximately 4000 years ago a small number of people settled in areas of Finland...

Biology
Q

27 Assuming the radius of the earth to be 6 4x106 What is the time...

Physics
Q

In rhombus ABCD find the missing angle A D X Z B C

Geometry
Q

o the following for the data points 0 7 1 15 2 5 and 3...

Algebra
Q

4 Water wheels are still used to power lumber mills in historic parks A typical...

Algebra
Q

Liabilities on the Balance Sheet For each of the following situations, indicate the...

Accounting
Q

Alexander uses JKL Dodsworth, a Sydney accounting firm, for taxation advice and general advice on...

Accounting
Q

Crane Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2%...

Accounting
Q

A calibrated metre end bar, which has an actual length of 1000.0005 mm, is to...

Accounting