Biology, 28.11.2021 21:50 CoreyHammond584
Market lost most of its inventory in a fire in December just before the yearend physical inventory was taken. Selam handles two principal commodity line, commodity X and commodity Y and uses retail inventory and gross profit method for estimating inventory costs for commodity X and commodity Y, respectively. Presented below is information related to commodity X and Y for current physical period.
Commodity Y
Commodity X
Cost
Retail
$ 30,000
Beginning inventory .$ 18,000 Purchases (gross)... 180,000
260,000
Beginning inventory $15,000
Purchases... .150,000
Purchase return Sales (gross)
10,000
15,000
180,000
Purchase discount.. .5,000
Sales (gross).
120,000
Sales discount
5,000
Sales return... 10,000
Freight in
4,500
The accountant of Selam report that no detail or perpetual inventory records of any kind were maintained to estimate the inventory lost. The only pertaining information you are able to obtain are facts from the general ledger given above and assume that merchandise (from X ) costing $40,500 were left undamaged by the fire and (from Y) costing birr 27, 500 were also left
1
undamaged by the fire. Selam's past record show that the gross profit percentage for commodity Y was 25% of its sales.
REQUIRED:
1. Compute the cost of inventory destroyed by fire for commodity X of Selam super Market?
2. Determine cost of merchandise sold for commodity X? 3. Compute the cost of inventory destroyed by fire for commodity Y of Selam super market?
4. If the gross profit percentage for commodity Y was 25% of costs. Then, compute the cost of merchandise sold for commodity Y?
Answers: 3
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Market lost most of its inventory in a fire in December just before the yearend physical inventory w...
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