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Ghella [55]
3 years ago
15

On March 15, a fire destroyed Sheridan Company's entire retail inventory. The inventory on hand as of January 1 totaled $5900000

. From January 1 through the time of the fire, the company made purchases of $2032000, incurred freight-in of $242000, and had sales of $4140000. Assuming the rate of gross profit to selling price is 20%, what is the approximate value of the inventory that was destroyed
Business
1 answer:
likoan [24]3 years ago
3 0

Answer:

the approximate value of the inventory that was destroyed is $4,862,000.

Explanation:

Use the Gross Profit percentage to find the value of the inventory that was destroyed.

Sales                                                          $4,140,000

Less Cost of Goods Sold

Opening Inventory          $5,900,000

Add Purchases                $2,032,000

Add Freight In                     $242,000

Available                            $8,174,000

Less Inventory Lost         ($4,862,000)

Cost of Sales                                             (3,312,000)

Gross Profit at 20%                                    $828,000

Conclusion :

The Value of  inventory that was destroyed is $4,862,000.

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TMegan receives a phone call from her insurance agent. The agent informs her that although she has homeowner's insurance and car
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Answer:

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3 years ago
On November 30, 2013, Piani Incorporated purchased for cash of $25 per share all 400,000 shares of the outstanding common stock
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Answer:

b. 800,000

Explanation:

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7 0
3 years ago
For various reasons related to trying to prevent a catastrophic recession during the pandemic, the federal government has and wi
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Answer:

$0.316 trillion per annum

Explanation

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= $0.03 trillion × [(1.005)^20 ÷ (1.005)^20 - 1]

= $0.03 trillion × (1.1049 ÷ 1.1049 - 1)

= $0.03 trillion × (1.1049 ÷ 0.1049)

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