A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is
Question:
A fire destroys all of the merchandise of Assante Company on February 10, 2012. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2012 $ 400,000
Sales to February 10, 2012 1,950,000
Purchases to February 10, 2012 1,140,000
Freight-in to February 10, 2012 60,000
Rate of gross profit on selling price 40%
What is the approximate inventory on February 10, 2012?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
To find the inventory on February 10 2012 we need to ...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A fire destroys all of the merchandise of Assante Company on February 10, 2022. The following is information compiled up to the date of the fire. Inventory, January 1, 2022 ............... $ 400,000...
-
A fire destroys all of the merchandise of Assante Company on February 10, 2019. The following is information compiled up to the date of the fire. Inventory, January 1,...
-
A fire destroys all of the merchandise of Assante Company on February 10, 2011. Presented below is information compiled up to the date of the fire. Inventory, January 1,...
-
In February, a new company incurred the following total costs for the production of 10,000 units during its first month of operations: Variable Fixed $500,000 $350,000 Manufacturing Overhead $250,000...
-
a. Who was Russell Sage? b. Why was Sage called The Old Straddle? c. Briefly describe four aspects of Sages financial operations that remain of current interest.
-
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next...
-
1. Why was the City of Cedar Park attempting to address the way in which it communicated water consumption information to its customers? 2. Why were City of Cedar Park customers frustrated? 3. What...
-
Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110,000. Prepare...
-
Outdoor Luggage, Incorporated, makes high-end hard-sided luggage for sports equipment. Data concerning three of the company's most popular models appear below. Ski Guard Golf Guard Fishing Guard...
-
Refer to E19.3. Determine the cash flows from operations using the indirect method for Anthony Company Data from E19.3 Balke Company reveals the following balances in selected accounts: Determine the...
-
At December 31, 2012, Ashley Co. has outstanding purchase commitments for 150,000 gallons, at $6.20 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw...
-
Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $214,000 at both cost and market value. At December 31, 2013, the inventory was $286,000 at cost and $265,000 at market...
-
Illustrate with a class diagram the applicability of the temptation stable pattern in the following scenario: three or more companies are involved in sponsoring a sporting event. Each company would...
-
1. (10 points) We want to approximate the function ln x for x = [1, e] using a polynomial to the precision of 10-8. How should we choose the lowest degree polynomial to minimize the error over the...
-
Car A costs $10.37 per 100 miles to drive, while car B costs $6.66 per 100 miles to drive. How much more would car A cost to drive 550 miles? Car A costs $ more to drive 550 miles. (Type an integer...
-
Let f(x)=x for rational x and f(x) = 0 for irrational x. (a) Calculate the upper and lower Darboux integrals for f on the interval [0, b]. (b) Is f integrable on [0,b]?
-
3. Solve system of linear equations using either Gaussian elimination with back-substitution. Show your work (explain what equations you are multiplying and/or adding when apply). 4x+5y-5z = -23 -2y...
-
7. It is often suggested that K, should be changed so that (Ks) = (Ks). For example, if cos 2 Ks = cos (0-2) cos (0 + 2T) sin 0 sin (0-2) sin (0+2) 3 T then (K) = (K)-1. Show that this is true. Also,...
-
(a) Show that this gives the equation of a line in R2 thru (x2, y2) and (x3, y3). (b) Prove that the area of a triangle with vertices (x1, y1), (x2, y2), and (x3, y3) is (c) Prove that the area of a...
-
Suppose that the laptop of Prob. 2.16 is placed in an insulating briefcase with a fully charged battery, but it does not go into sleep mode, and the battery discharges as if the laptop were in use....
-
Warranties Selzer Equipment Company sold 500 Rollomatics during 2010 at $6,000 each. During 2010, Selzer spent $30,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable...
-
Premium Entries Moleski Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2010, Moleski Company purchased 8,800...
-
Contingencies Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2010, Maverick Inc. became involved in a tax dispute with the IRS....
-
The Pew Internet and American Life Project reported on the widespread use of the Internet to search for information regarding experimental treatments or medicines. From telephone interviews of 1005...
-
write the differences between Microprocessors and Microcomputers. compare between them and draw the block diagram for each one. B) define the interface and mention it's types with brief description....
-
Write a program that prompts the user for the constitutive parameters (relative permittivity, relative permeability, and conductivity) in medium 1 and medium 2 separated by a planar surface. You are...
Study smarter with the SolutionInn App