The inventory of don’s grocery was destroyed by a tornado on october 6 of the current year. fortunately, some of the accounting records were at the home of one of the owners and were not damaged. the following information was available for the period of january 1 through october 6: beginning inventory, january 1 $140,000 purchases through october 6 670,000 sales through october 6 1,100,000 gross margin for don’s has traditionally been 30 percent of sales.
required

a. for the period ending october 6, compute the following:

1. estimated gross margin
2. estimated cost of godos sold
3. estimated inventory at october 6

b. assume that $15,000 of the inventory was not damaged. what is the amount of the loss from the tornado?
1. total loss

When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations

In a chapter 7 bankruptcy, a debtor:

Abc factory produces 24,000 units. the cost sheet gives the following information: direct materials rs. 1,20,000direct labour rs. 84,000variable overheads rs. 48,000semi variable overheads rs. 28,000fixed overheads rs. 80,000total cost rs. 3,60,000presently the product is sold at rs. 20 per unit.the management proposes to increase the production by 3,000 units for sales in the foreign market . it is estimated that semi variable overheads will increase by rs. 1,000. but the product will be sold at rs. 14 per unit in the foreign market. however, no additional capital expenditure will be incurredq-1. what is present profit of the company ? q-2. what is proposed profit of the company in new market? q-3.what is suggestion for new makret proposal whether proposal accept or not