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Question & Answer: ezto mheducation.com connect. ntermediate Accounting ACCOUNTING Chapter 9 Hw…..

I need help with 12,13 and 14
ezto mheducation.com connect. ntermediate Accounting ACCOUNTING Chapter 9 Hw < Question 12 (of 17) value: 10.00 points Adams Corporation estimates that it lost $126,000 in inventory from a recent flood. The following nformation is available from the records of the companys periodic inventory system: beginning inventory and $850,000, respectively What is the companys gross profit ratio? of the Gross profit ratio Choose Denominator: Choose Numerator Gross profit ratio Gross profit ratio
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ezto mheducation.com connect. ntermediate Accounting ACCOUNTING Chapter 9 Hw

Expert Answer

 

Beginning inventory 151000
Plus: Net purchases 381000
Cost of goods available for sale 532000
Less: cost of goods sold
    Net sales 605000
Less: Estimated gross profit 151250
Estimated cost of goods sold 453750
Estimated cost of inventory destroyed 78250

14

Net Realizable value will be selling price – selling cost
$36-$4 = $32
Cost = $26 ( given)
Unit values = $26
lower of NRV or cost for valuing ending inventory
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