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. $44,000.
B. $45,000.
C. $25,995.
D. $29,250.
E. $9,705.
Answer: E
You might also like to view...
When multiple labor categories are used, the monetary impact of using a higher or lower number of hours than a standard allows is referred to as a ______________________________ variance
Fill in the blank(s) with correct word
The manager of a company is considering a special project that will increase sales revenue by $27,500 without affecting costs. If the company has a tax rate of 40%, what will be the after-tax income?
A) $16,500 B) $11,000 C) $27,500 D) $38,500
Which of the following is a disadvantage of having a strong organizational culture?
A. high employee turnover B. decreased organizational performance C. low loyalty towards the organization D. inability to respond to changing conditions
The __________ is an international organization within the United Nations System
in which governments and the private sector coordinate global telecom networks and services. Fill in the blanks with correct word