Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. wildhorse corp had $1300000 of inventory at decemb

Wildhorse Corp had $1300000 of inventory at December 31, 2024, with purchases of $390000, and...

50.1K

Verified Solution

Question

Accounting

Wildhorse Corp had $1300000 of inventory at December 31, 2024, with purchases of $390000, and sales of $910000 in 2025. Wildhorse Corp lost all but $130000 of inventory due to a hurricane in 2025. Using the gross profit method, calculate ending inventory independently using the following assumptions:

1. Wildhorse's gross margin was 30%

2. Wildhorse mark up on cost was 20%

3. Wildhorses cost of sales percentage was 60%

Help me, please.

Thank you in advance!

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

A proton travels through uniform magnetic and electric fields. The magnetic field is in the negative...

Physics
Q

A-Design Inc., a federally incorporated company in the Canada and specializing in design and manufacturing armrests for...

Accounting
Q

How has Penelope avoided getting remarried in Odysseus absence A B C She spends her...

Biology
Q

Two isolated charged metallic spheres of radii R and R having charges Q and Q...

Physics
Q

The function f R R is defined by f x 4 2 and is plotted...

Statistics
Q

2 5 4 34 23 33 is and 42 is B 1 7 3 5...

Algebra
Q

Boise, Inc., planned and actually manufactured 240,000 units of its single product in 2020, its...

Accounting
Q

On January 1, 2018, Morton Sales Co. issued zero-coupon bonds with a face value of...

Accounting
Q

0. A bank is netvertising the following mortgage Balloon Mortgage $245.000 20/4 balloon 5.8 annual...

Finance
Q

range.) (Round the "Variable cost per unit" to 2 decimal places.) 2. Using the high-low...

Accounting
Q

What are the benefits of using a turnaround document? Provide at least one example of...

Accounting
Q

Hilton Co. is expecting to receive 800,000 New Zealand dollars in one year. Hilton expects...

Finance