Question: PLEASE ANSWER THIS AND SHOW ME THE ALL CALCULATION PROCESSES AS WELL Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit

Backstreet Company wants to estimate inventory destroyed by flood. Its average gross

PLEASE ANSWER THIS AND SHOW ME THE ALL CALCULATION PROCESSES AS WELL

profit percentage is 30%. The following information is available: Beginning inventoty Pu

Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 30%. The following information is available: Beginning inventoty Pu rchases Purchases returns and allowances Ttznspo'taffon-in Sales Sales returns and allowances $ 223,580 660,425 8,740 6,725 47,760 Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Baker Company has the following items related to cash on its trial balance on December 31 of the current year: Cash in Drawer Checking Prime Bank $ 1.500,00 Checking-Harvest Bank 26,675.00...

pls show work Estimating Inventory Loss Using Gross Profit Method The accounting records of Butler Company reveal the following information. Inventory, January 1 $44,000 Purchases to July 19 440,000...

PLEASE ANSWER THIS AND SHOW ME THE ALL CALCULATION PROCESSES AS WELL Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 30%. The following...

Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 30%. The following information is available: Beginning inventory Purchases Purchases returns...

Bakstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 37%. The following information is available: $112,350 $520,850 $5,000 $4,725 $885,950 $9,760...

Estimating Inventory Loss Using Gross Profit Method The accounting records of Butler Company reveal the following information. Inventory, January 1 $20,000 Purchases to July 19 200,000 Net sales to...

stuck on part b Estimating Inventory Loss Using Gross Profit Method The accounting records of Butler Company reveal the following information. Inventory, January 1 $44,000 Purchases to July 19...

answer questions 4,5,6 hello , the questions 4,5,6 are the questuons using the information i provided .. only write out whatever info is found . also question 6 to write out a memo stating a clear...

1) Complete an example job cost sheet using the methods you described in Table 2 . If you need to make assumptions in order to complete the sheet indicate on the sheet how the figures were estimated...

Question III (8 marks) A Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 37%. The following information is available: Inventory, beginning $112,350...

Currently, there are 4227 Wal-Mart stores in the United States and another 3210 stores outside of the United States. a. Are the numbers of Wal-Mart stores discrete or continuous? b. What is the level...

telecommunications The marketing director of a service provider would like to gauge the market sentiment towards a new subscription plan which is yet to be launched. In a management meeting, it was...

1 of 2 0 mis test: 1 0 This questio The foci and eccentricity of an ellipse centered at the origin of the xy - plane is given below. Find the ellipse's standard - form equation in Cartesian...

A small glider is placed against a compressed spring at the bottom of an air track that slopes upward at an angle of 40.0o above the horizontal. The glider has mass 0.0900 kg. The spring has k = 640...

A very long uniform line of charge has charge per unit length 4.80 C/m and lies along the x-axis. A second long uniform line of charge has charge per unit length - 2.40 C/m and is parallel to the...

A puck of mass m = 1.50kg slides in a circle of radius r = 20.0 cm on a frictionless table while attached to a hanging cylinder of mass M = 2.50 kg by a cord through a hole in the table (Figure)....

A study examined national attitudes about antidepressants. The study revealed that approximately 70% believe "antidepressants do not really cure anything they just cover up the real trouble."...

Determine the components of all forces acting on member ABCD of the assembly shown. 120 Ib E 4 in. 2 in. OC -4 in -l- 4 in.--l 2 in. 2 in.

Write the inputRecordings ( ) method in the Collection class. Within inputRecordings ( ) , use scnr to read pairs of inputs, integer currDuration and string currTopic, until - 9 9 is read from input....

2. Give examples from your everyday life that understanding the context is crucial to how you act.

4. Give examples of how a communication situation can change from a win-lose to a winwin situation.

3. Why is the following statement, If the Church is a context, it is because it is inside our heads, correct?