2023 E9 16B Gross Profit Method Golden Trails Company handles three principal lines of merchandise | Assignments Online
2023 E9 16B Gross Profit Method Golden Trails Company handles three principal lines of merchandise | Assignments Online
Assignments Online 2023 Business Finance
E9-16B (Gross Profit Method) Golden Trails Company handles three principal lines of merchandise with
these varying rates of gross profit on cost.
Furniture 25%
Beds 30%
Rugs 50%
On September 9, a fire destroyed the office and the warehouse. To file a report of loss for insurance purposes,
the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus
escaped destruction.
Furniture Beds Rugs
Inventory, Jan. 1, 2014 $ 76,000 $105,000 $211,000
Purchases to Sep. 9, 2014 861,000 601,000 302,000
Sales to Sep. 9, 2014 608,000 700,000 656,000
Instructions
Submit your estimate of the inventory amounts immediately preceding the fire.
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