Business, 14.03.2020 01:07 vmosley8648
Alan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,600. Purchases since January 1 were $67,800; freight-in, $3,500; purchase returns and allowances, $2,700. Sales are made at 33 1/3% above cost and totaled $92,400 to March 9. Goods costing $11,900 were left undamaged by the fire; remaining goods were destroyed.
Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e. g. 15% or 125.)
Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, e. g. 78.72345% and final answer to 0 decimal places, e. g. 28,987.)
Answers: 2
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Alan Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand o...
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