On December 31, 2010 Brown Company's inventory burned. Sales and purchases for the year had been $1,400,000
Question:
On December 31, 2010 Brown Company's inventory burned. Sales and purchases for the year had been $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2010) was $170,000; in the past Brown's gross profit has averaged 40% of selling price.
Instructions
Compute the estimated cost of inventory burned, and give entries as of December 31, 2010 to close merchandise accounts.
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Particulars Amount Amount Beginning inventory 170000 Add Purchases 980000 Cost of ...View the full answer
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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