Gross profit method to determine inventory lost

Reference no: EM1357844

Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000. Lisa's normal gross profit percentage is 50%. What is the estimated cost of the inventory lost in the fire using the gross profit method?

Reference no: EM1357844

Questions Cloud

Suicide among african american homosexuals : Do African American homosexuals have a higher suicidal rate or tendency than most ethnic groups? If so why?

Explain what should be the role of training : Explain What should be the role of training and How can training programs be evaluated on their effectiveness?

Determine the minimum magnetic field : determine the minimum magnetic field.

Show the wand project : Prepare a project plan outline for the Wand project using the 9 knowledge areas of the PMI PMBOK

Gross profit method to determine inventory lost : Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000.

Explain how is the federal budget deficit affecting the us : Explain how is the federal budget deficit affecting the U.S. economy. Essay should be about 400 words. How dependent is American, on the Chinese economy.

Create the users for the sales organization unit : Explain how you would create the users for the sales organization unit and how you can set up work groups in this particular situation

Find net cost of machine for capital budgeting purposes : You must assess a proposal to buy a new milling equipment. The base price is $108,00, and shipping and installation costs would be another $12,500.

Calculate the magnitude of the planes acceleration : Calculate the magnitude of the planes acceleration. On a level road with its brakes on, a car traveling at 93 km/hr stops within 87 m when the brakes lock and the car slides.

User Account

All Pages