Dooling Stores inventory is destroyed by a fire on September 5, 2011. The following data for year

Question:

Dooling Store’s inventory is destroyed by a fire on September 5, 2011. The following data for year 2011 are available from the accounting records. Estimate the cost of the inventory destroyed.

Jan. 1 inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,000

Jan. 1 through Sept. 5 purchases (net) . . . . . . . . . . $342,000

Jan. 1 through Sept. 5 sales (net) . . . . . . . . . . . . . . $675,000

Year 2011 estimated gross profit rate . . . . . . . . . . . . . . 42%

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

See More Books

Question Posted: Dec 27, 2012 12:00 AM

See More Questions

Kaysee Stores inventory is destroyed by a fire on September 5, 2011. The following data for year 2011 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan. 1...
Confucius Bookstore's inventory is destroyed by a fire on September 5, 2017. The following data for year 2017 are available from the accounting records. Estimate the cost of the inventory destroyed....
Kauai Stores inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan. 1...
What is the significance of communication between managers and their subordinates, and how does it impact employee performance?
Determine a good estimate for the compressibility factor Z of saturated hydrogen vapor at 25 K and 3-213 bar. For companion, an experimental value is Z = 0.7757.
a. Why are the lines whose equations are y = 1/3 x + 1 and y = -3x - 2 perpendicular? b. Use a graphing utility to graph the equations in a [-10, 10, 1] by [-10, 10, 1] viewing rectangle. Do the...
The isotopes magnesium-24 (mass $3.983 \times 10^{-26} \mathrm{~kg}$ ) and magnesium-26 (mass $4.315 \times 10^{-26} \mathrm{~kg}$ ) are to be separated using a mass spectrometer in which the...
Bowyer Manufacturing Company has the following production data for selected months. Compute the physical units for eachmonth. Ending Work in Process % Complete as to Conversion Cost Beginning Work in...
The Reading Warehouse distributes hardback books to retail stores and extends credit terms of 2/7, n/30 to all of its customers. During the month of June the following inventory transactions...
There is a New York Times articleit discusses how the rise of cell phone-only households has affected surveys. Read that article and respond to the following questions via a primary post of your own...
Refer to the information in QS 6-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification....
Answer each of the following questions related to international accounting standards. a. Explain how the accounting for items and costs making up merchandise inventory is different between IFRS and...
Refer to Problem 10-1. What is the project's payback period? Data from Problem 10-1: A project has an initial cost of $40,000, expected net cash inflows of $9,000 per year for 7 years, and a cost of...
List four things you do that could cause externalities. For each, indicate whether you consider the effects on others when you make your decisions, and whether any policies are in place to help you...
Ladders, Inc., has a net profit margin of 5.2% on sales of $51.2 million. It has book value of equity of $38.6 million and total liabilities with a book value of $30.5 million. What is Ladders ROE?...
An open feedwater heater is used to take inlet stream of water vapor at 5 bar and 200C and have it leave as saturated liquid at 5 bar. This is accomplished by mixing it with an appropriate amount of...
For each of the following externalities, explain the underlying source of inefficiency (what effects are felt beyond the decision maker) and suggest a solution that could bring the activity to its...
Chutes & Co. has interest expense of $1.03 million and an operating margin of 10.7% on total sales of $30 million. What is Chutes interest coverage ratio?
Develop a data model of the expenditure cycle to acquire office equipment and fixed assets for Bobs patisserie. Bob sometimes orders multiple pieces of equipment and the vendors ship the entire order...
What is the maximum volume of 0.25 M sodium hypochlorite solution (NaOCl, laundry bleach) that can be prepared by dilution of 1.00 L of 0.80 M NaOCl?
Given an application that hosts a website, which of the following would most likely result in a java.lang.Error being thrown? (Choose two.) A. A user tries to sign in too many times. B. Two users try...
The Adjusted Trial Balance columns of a 10-column work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and...
Use the following information from the Adjustments columns of a 10-column work sheet to prepare the necessary adjusting journal entries (a) through(e). Unadjusted Trial Balance Balance Sheet ome and...
These partially completed Income Statement columns from a 10-column work sheet are for Browns Bike Rental Company. (1) Use the information to determine the amount that should be entered on the net...
Consider the control system in Figure where v(t) is a sinusoidal disturbance, v(t)=sin(t). Compute the absolute value of the sensitivity function at w = 1 rad/s as a function of K. How must K be...
ABC Corporation, a growing tech company, decides to raise capital by issuing convertible debt securities. Convertible debt allows bondholders the option to convert their debt into a predetermined...
Design Analog and Digital IIR Bandstop filter considering pass band edge1 20kHz, stop band edges 22 kHz & 38kHz, pass band edge2 40kHz, sampling frequency 100kHz. Additionally, draw corresponding...

Dooling Stores inventory is destroyed by a fire on September 5, 2011. The following data for year

Question:

Step by Step Answer:

Goods available for sale Inventory January 1 180000 Co...View the full answer

Fundamental Accounting Principles

Students also viewed these Managerial Accounting questions