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Adams Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $41,800. Purchases since January 1 were $77,000; freight-in, $3,400; purchase returns and allowances, $2,200. Sales are made at 33 1/3% above cost and totaled $94,700 to March 9. Goods costing $11,200 were left undamaged by the fire; remaining goods were destroyed.a. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, e.g. 15% or 125.) Cost of goods destroyed $b. Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales.

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Answer:

Lost inventory when sales is 133.33% of costs of sale is $37,773.00

Lost inventory when profit is 33.33% of sales  is $45,664.00  

Explanation:

Opening merchandise                                                 $41,800

Purchases                                                                      $77,000

Carriage-inwards(freight-in)                                            $3,400

returns and allowances                                                    ($2,200)

Costs of goods available for sale                                     $120,000

Sales                                                          $94,700

Gross profit($94,700*33.33%/133.33%)  ($23,673)

Cost of goods sold                                   $71,027                                      

closing inventory($120,000-$71,027)                              $48,973.00  

Inventory left fire outbreak                                               ($11,200.00)

inventory lost to fire                                                            $37,773.00  

If gross profit is 33.33% of sales

Opening merchandise                                                 $41,800

Purchases                                                                      $77,000

Carriage-inwards(freight-in)                                            $3,400

returns and allowances                                                    ($2,200)

Costs of goods available for sale                                     $120,000

Sales                                                          $94,700

Gross profit($94,700*33.33%/100.00%)  ($31,564)  

Cost of goods sold                                   $63,136                                      

closing inventory($120,000-$63,136)                             $ 56,864.00  

Inventory left fire outbreak                                               ($11,200.00)

inventory lost to fire                                                           $45,664.00  

 

               

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