Wildhorse Corporation?s April 30 inventory was destroyed by fire. January 1 inventory was $152,800, and purchases for
Fantastic news! We've Found the answer you've been seeking!
Question:
Wildhorse Corporation?s April 30 inventory was destroyed by fire. January 1 inventory was $152,800, and purchases for January through April totaled $491,700. Sales revenue for the same period was $725,700. Wildhorse?s normal gross profit percentage is?35% on sales.
Using the gross profit method, estimate Wildhorse?s April 30 inventory that was destroyed by fire.
Estimated ending inventory destroyed in fire |
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date: