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Anna11 [10]
3 years ago
5

On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the

company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,950. Inventory purchased during August was $192,730. Net sales for the month of August were $543,500. Assuming the company's typical gross profit ratio is 40%.
Required:
Estimate the amount of inventory destroyed in the flood.
Business
1 answer:
dangina [55]3 years ago
4 0

Answer:

$82,580

Explanation:

We can calculate the estimated amount of inventory destroyed in the flood by deducting the cost of goods sold by the cost of goods available for sale.

DATA

Beginning Inventory  = $215,950  

Inventory purchased  = $192,730

 Sales = $543,500

Calculation

Inventory destroyed  Iestimated) =    Cost of Goods available for sale - Cost of Goods Sold

Inventory destroyed  Iestimated) =  $408,680  - $326,100

Inventory destroyed  Iestimated) = $82,580

Working

Cost of Goods available for sale  = Beginning Inventory + Inventory purchased

Cost of Goods available for sale = $215,950   + $192,730

  Cost of Goods available for sale = $408,680

Cost of Goods Sold  = Sales  - Gross Profits

Cost of Goods Sold = $543,500  - ($543400 x 40%)

Cost of Goods Sold = $ 326,100

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Answer:

Placing blame with the customer to reduce cost.

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Providing an excellent customer service to customers involves making sure that a customer is happy and very satisfied with a company’s products or services. It also involves providing adequate service to a customer in a timely, polite, pleasant and orderly manner. In order to provide excellent customer service the customer service representative must possess a good communication and problem resolution skills.

The customer service representative must:

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PtichkaEL [24]

Answer:

21 security workers

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2 years ago
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11 months ago
Partial balance sheets and additional iformation are listed below for Sowell Company.
musickatia [10]

Answer and Explanation:

The preparation of the operating activities section is presented below

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Adjustment made for non cash items:                  

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