Chapter 9 HW - E9-14Castelevania CompanyBeginning...

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Unformatted text preview: E9-14Castelevania CompanyBeginning inventory.$170,000 Purchases for the year.$450,000 Purchase returns..($30,000)$590,000 Sales..$650,000 Sales return ($24,000)Net Sales$626,000 Less: gross profit margin on net sales (30% x $626,000).($187,800)$438,200 Estimated ending inventory (unadjusted for damages)$151,800 ($14,700)Less: damaged goods on hand - (at net reliazable value)..($5,300)Loss on inventory as a result of fire..$131,800 Less: undamaged goods on hand (at cost - $21,000 x (1 - 30%))..P9-1Remmers CompanyReplacementDesignatedItemCostCostCeiling*Floor**MarketA$470 $460 $450 $350 $450 B$450 $430 $480 $372 $430 C$830 $610 $820 $640 $640 D$960 $1,000 $1,070 $830 $1,000 ** Floor = Ceiling less (20% X 2011 catalog selling price).* Ceiling = 2011 catalog selling price less sales commissions and estimated other costs of dicatalogue prices are in effect as of 12/01/10.)Lower-of-Cost-or-market$450 $430 $640 $960 isposal. (2011 P9-02...
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Chapter 9 HW - E9-14Castelevania CompanyBeginning...

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