PART B IS b) Compute the cost of goods destroyed, assuming that the gross profit...
50.1K
Verified Solution
Link Copied!
Question
Accounting
PART B IS
b) Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales
please answer both :)
Current Attempt in Progress Cullumber Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $31,920. Purchases since January 1 were $60,480; freight-in, $2,856; purchase returns and allowances, $2,016. Sales are made at 331/3% above cost and totaled $90,000 to March 9 . Goods costing $9,156 were left undamaged by the fire; remaining goods were destroyed. (a) Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed $ eTextbook and Media Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above
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!
PART B IS