Business
Business, 18.03.2021 01:20, rhonda45801

Tim Legler requires an estimate of the cost of goods lost by a fire on March 9. Merchandise on hand on January 1 was $38,490. Purchases since January 1 were $93,260; freight-in, $4,700; purchase returns and allowances, $3,000. Sales are made at 33 1/3% above cost and totaled $143,400 to March 9. Goods costing $12,120 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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Tim Legler requires an estimate of the cost of goods lost by a fire on March 9. Merchandise on hand...

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