Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. goiania, inc. was vandalized during a riot in thei

Goiania, Inc. was vandalized during a riot in their community and a lot of their...

90.2K

Verified Solution

Question

Accounting

Goiania, Inc. was vandalized during a riot in their community and a lot of their inventory was destroyed. In fact, only $80,000 was still in good enough condition to sell. If the company had beginning inventory of $503,000, net purchases of $1,811,000, net sales of $3,240,000, and an average gross profit or sales margin ratio of 38%, how much inventory would they report was destroyed on their insurance claim if they use the Gross Profit Method?

$2,008,800

$305,200

$80,000

$225,200

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

Accounting
1.2K views

This week, we are studying general capital assets and long-term obligations. Using key provisions of GASB...

Chemistry
1.2K views

Consider the titration of a 19.5 mL sample of 0.903 M HC2H3O2 with 0.18 M NaOH....

Accounting
1.2K views

Please provide a one page summary of your key learnings chapter 1 Ethical Reasoning: Implications for...

Biology
1.2K views

Which of the following are associated with chronic bronchitis? Select all that apply.CyanosisAir trappingBlue bloaterHyperresonanceProblems...

Biology
1.2K views

12 Consider this question If the mass of the car is kept constant how will...

Physics
1.2K views

D Consider a gravity free hall in which a tray of mass A carrying a...

Statistics
1.2K views

Suppose that a random sample of 15 adults has a mean score of 68 on...

Calculus
1.2K views

6 10Pts Consider the force field F 3x y 2z x 2x a Demonstrate that...

Calculus
1.2K views

13 If an equation of the tangent line to the curve y f x at...

Accounting
1.2K views

Based on the following case: Prepare the statement of proof of cash by July...

Accounting
1.2K views

The following items were shown on the balance sheet of Ivanhoe Pet Supply Corporation on...

Accounting
1.2K views

Sanchez & Ryan, Inc, sells a single product. This year, 20,000 units were sold resulting...