Co.C , through no fault of its own, lost an entire plant due to an...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Co.C , through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insurance claim on the inventory loss, the company developed the following data: Inventory January 1, 2021, $300,000; sales and purchases from January 1, 2021, to May 1, 2021, $1,300,000 and $875,000, respectively. Co.C consistently reports a 40% gross profit. The estimated inventory on May 1, 2021, is: $360,000. $395,000. $455,000. $302,500.
Co.C , through no fault of its own, lost an entire plant due to an earthquake on May 1, 2021. In preparing its insurance claim on the inventory loss, the company developed the following data: Inventory January 1, 2021, $300,000; sales and purchases from January 1, 2021, to May 1, 2021, $1,300,000 and $875,000, respectively. Co.C consistently reports a 40% gross profit. The estimated inventory on May 1, 2021, is:
$360,000. | ||
$395,000. | ||
$455,000. | ||
$302,500. |
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.