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Business, 13.12.2019 19:31 ummsumaiyah3583

Crane legler requires an estimate of the cost of goods lost by fire on march 9. merchandise on hand on january 1 was $40,280. purchases since january 1 were $76,320; freight-in, $3,604; purchase returns and allowances, $2,544. sales are made at 33 1/3% above cost and totaled $120,000 to march 9. goods costing $11,554 were left undamaged by the fire; remaining goods were destroyed.

(a) compute the cost of goods destroyed.

(b) compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (round ratios for computational purposes to 5 decimal places, e. g. 78.72345% and final answer to 0 decimal places, e. g. 28,987.)

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