A company's store was destroyed by an earthquake on February 10 of the current year. The only information for the current period that could be salvaged included the following: Beginning inventory, January 1:$44,000Purchases to date:$198,000Sales to date:$310,000Historically, the company's gross profit ratio has been 30%. Estimate the value of the destroyed inventory using the gross profit method.
What will be an ideal response?
| Beginning Inventory | $44,000 |
| Purchases | 198,000 |
| Goods available for sale | $242,000 |
| COGS ($310,000 * 70%) | 217,000 |
| Estimated Inventory at 2/10 | $25,000 |
You might also like to view...
Telemarketing has had the greatest impact on which of the following data collection methods?
A) mail questionnaires B) online questionnaires C) mall intercepts D) telephone interviews E) face-to-face interviews
The market manager structure would probably not be useful when firms offer a variety of products that serve the needs of a wide range of customers
Indicate whether the statement is true or false
Sophia would like to become an administrative law judge. How should she go about exploring this employment option?
A) She should fill out an application for federal employment pursuant to the federal civil service merit selection rules. B) She should talk to her congressional representative and ask for a recommendation. C) She should contribute a substantial sum of money to the President's political party so that the President will consider appointing her to such a job. D) She should file for election to the job during the next election year.
In determining the meaning of a contract under the UCC, which of the following will have first priority?
A) Course of performance B) Course of dealing C) Usage of trade D) Express terms