A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged:Inventory, beginning: $28,000
Purchases for the period: $17,000
Sales for the period: $55,000
Sales returns for the period: $700
The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory using the gross profit method?
A. $45,000.
B. $29,250.
C. $25,995.
D. $44,000.
E. $9,705.
Answer: E
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Via email, you sent several open-ended questions to the employees who completed a training program to solicit information on what they liked or disliked about the program. You received qualitative data from them. What is the type of this data collection method?
a. an interview b. a self-administered survey c. an observation d. an extant data
What type of account is the Cost of Goods Sold account?
A. Liability B. Expense C. Contra asset D. Asset
You have been hired as a consultant to make recommendations for Smarty's, a healthy fast-food chain that is undergoing major expansion. Smarty's needs to create an enterprise resource planning system
However, Smarty's needs to have this system up and running as quickly as possible or it is likely they will begin losing business. What do you recommend?
______________________________ are repositories of relatively permanent data maintained over an extended period of time.
Fill in the blank(s) with the appropriate word(s).