Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 9-15 sandhill legler requires an estimate

Exercise 9-15 Sandhill Legler requires an estimate of the cost of goods lost by fire...

60.1K

Verified Solution

Question

Accounting

image
Exercise 9-15 Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $46,360. Purchases since January 1 were $87,840; freight-in, $4,148; purchase returns and allowances, $2,928. Sales are made at 33 1/3% above cost and totaled $144,000 to March 9. Goods costing $13,298 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.) Cost of goods destroyed 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.) Cost of goods destroyed

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Q

0 00004 0 0000024 12 0 00004 0 0000024 9 6 10 Use scientific notation...

Basic Math
Q

An experiment was conducted to see the effectiveness of two antidotes to three different doses of...

Basic Math
Q

Agile Manifesto has Twelve principles and Four Values. Outline three Principles or Values and show how...

Programming
Q

ch of the following is the indefinite integral of f x 5 52 76 5...

Basic Math
Q

On April 17, 2024, the Loudstone Mining Company purchased the rights to a copper mine....

Accounting
Q

John Adams Companys record of transactions for the month of April was as Tollows: Purchases...

Accounting
Q

Accounting
Q

Q.6 You are the Senior Analyst in the Planning Department of a manufacturing firm, following...

Accounting
Q

From the leverage ratios you calculated in DuPont analysis, you start to examine the composition...

Accounting
Q

Each of the following are examples of a merchandising company except: Michaels...

Accounting
Q

When is a time instrument not considered overdue?

Accounting
Q

Current Attempt in Progress You and several classmates are studying for the next accounting exam....

Accounting