Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory was taken January 30, 2021, at which time the inventory totaled $231,000. Sales from January 30 to April 20 were $611,000 and purchases during that time were $461,000. Howard's consistently reports a 25% gross profit. The estimated inventory loss is: Multiple Choice $484,750. $221,750. $233,750. None of these answer choices are correct.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Howard's Supply Co. suffered a fire loss on April 20, 2021. The company's last physical inventory was taken January 30, 2021, at which time ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
On January 1, 2021, the Excel Delivery Company purchased a delivery van for $48,000. At the end of its five-year service life, it is estimated that the van will be worth $3,000.
Answers (1)
True or False: Suppose a firm's CFO thinks that an externality is present in a project, but that it cannot be quantified with any precision ¾ estimates of its effect would really just be guesses. In this case, the externality should be ignored ¾ i.
Answers (2)
A government bond is NOT as liquid as cash because the bond: A) can be exchanged only for the goods or services produced by the company that issued the bond.
Answers (1)
In international business, a relatively high level of fixed costs can make it economical to perform a particular activity in several locations at once. True / False.
Answers (1)
The annual rate of inflation can be found by subtracting: A. the real income from the nominal income. B. last year's price index from this year's price index. C.
Answers (1)
New Questions in Business
Vaughn Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories: Net realizable Product Cost value A $111000 $119000 B 81000 74000 C 153000 162000 If
Answers (1)
The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($1130), personal consumption expenditures ($4800), imports ($370), exports ($240), and gross private domestic investment ($1150).
Answers (1)
A producer of felt-tip pens has received a forecast of demand of 39,000 pens for the coming month from its marketing department. Fixed costs of $33,000 per month are allocated to the felt-tip operation, and variable costs are 38 cents per pen. a.
Answers (1)
If a menu item is estimated to bring in $300,000 in future earnings without doing any market research, but it is believed the earnings could be increased to $330,000 by spending $40,000 on research, then the marketing director should:
Answers (1)
What is the organizational innovation of the pin factory and what, according to smith, is its significance for society?
Answers (1)