Question: i want the answer befor 15 min HW Problem 5-21A Estimating emaling imentory: gross margin method A burricane destroyed the inventory of Metal Supplies on
Problem 5-21A Estimating emaling imentory: gross margin method A burricane destroyed the inventory of Metal Supplies on September 21 of the currere year. Ahough some of the accounting information was destroyed, the following information was discovered for the period of January I through September 21: The gross margin for Metal Supplies has traditionally been 25 prrcent of sales. Required a. For the period ending Septenser 21, compute the folloning: (1) Eatimated gross margin. (2) Frimated cost of goods sold. (3) Estimatdal imventory at September 21. h. Assume that 510.00 of the inventory was not damaged. What is the amount of the locs from the harricand c. Metal Supplies uses the perpetual ieventory system. If mome of the accounting records had not beca dixtroyed, how would Metal determine the amouet of the inventory lens
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
