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Gross profit method.
On December 31, 2014 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2014) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.
Instructions
Compute the estimated cost of inventory burned, and give entries as of December 31, 2014 to close merchandise accounts.
The company’s weighted average cost of capital is 12% and payments are made at the end of each month. Illustrate which is cheaper for the company: to buy or lease real estate? Show your computations.
LO.6, 9 At the time of his death, Garth held a life estate in the Myrtle Trust with the remainder passing to Garth's adult children. The trust was created by Myrtle (Garth's mother) in 1984 with securities worth $900,000. The Myrtle Trust had a value..
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