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keldrickking
15.04.2020 •
Business
Coronado Company's records indicate the following information for the year:
Merchandise inventory, 1/1 $559000
Purchases 2264000
Net sales 3200000
On December 31, a physical inventory determined that ending inventory of $494000 was in the warehouse. Coronado's gross profit on sales has remained constant at 30%. Coronado suspects some of the inventory may have been taken by some new employees.
At December 31, what is the estimated cost of missing inventory?
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Ответ:
$89,000
Explanation:
The movement in the balance of inventory at the start and end of a period is as a result of sales and purchases. While sales reduces the balance in inventory, purchases increases the balance. This may be expressed mathematically as
Opening balance + purchases - cost of goods sold = closing balance
The gross profit is the difference between the sales and the cost of goods sold. Given that Coronado's gross profit on sales has remained constant at 30%, the gross profit
= 30% × $3,200,000
= $960,000
Cost of goods sold = $3,200,000 - $960,000
= $2,240,000
$559000 + $ 2264000 - $2240000 = expected closing balance
expected closing balance = $583,000
Given that a physical inventory determined that ending inventory of $494000 was in the warehouse
The estimated cost of missing inventory
= $583,000 - $494,000
= $89,000
Ответ:
Excommunicated him from the church
Explanation: The Protestant REvolution challenged the authority of the Catholic Church.