Ask Question, Ask an Expert


Ask Accounting Basics Expert

Q1) Redbird supplies ice cream shops with different toppings for ice cream sundaes.  On November 17, 2009, a fire in Redbird's warehouse ruined all the toppings stored in that section.  Redbird should give its insurance company with the estimate of amount of inventory lost.  Following information is available from company's accounting records:








Inventory, January 1, 2009




Net purchases through Nov 17




Net sales through Nov 17




Historical gross profit rates




a) Compute estimated cost of each of toppings lost in fire.

b) prepare down the factors that could cause estimates to be over- or understated?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916898

Have any Question? 

Related Questions in Accounting Basics

1-1 define marketing and outline the steps in the marketing

1-1. Define marketing and outline the steps in the marketing process. (AACSB: Written and Oral Communication) 1-2. What is marketing myopia, and how can it be avoided? (AACSB: Written and Oral Communication; Reflective T ...

Managerial accounting assignment task- group report

Managerial Accounting Assignment Task- Group Report: "Measuring Performance and Management Control Systems" - A study of Performance Measurement in Australian Public Companies. Outcomes- a) Analyse the roles of cost and ...

Business administration managemntamp commercial sciences

BUSINESS ADMINISTRATION, MANAGEMNT& COMMERCIAL SCIENCES ACCOUNTING 512 ASSIGNMENT The purpose of an assignment is to ensure that the Learner is able to: Demonstrate an understanding of accounting principles. Systematical ...

Obtain the 2012 10-k annual report for overland storage inc

Obtain the 2012 10-K Annual Report for Overland Storage, Inc. (OVRL). Refer to Note 1 on page F-7. Based on management's discussion in the note, what type of audit report did Overland's audit firm likely issue? In this s ...

A taxpayer lives in michigan in a controversy with the irs

A taxpayer lives in Michigan. In a controversy with the IRS, the taxpayer loses at the trial court level. Describe the appeal procedure for each of the following trial courts: a. Small Cases Division of the U.S. Tax Cour ...

Practice questionscalculate and suggest possible reasons

Practice questions: Calculate and suggest possible reasons for the materials usage variance from the following data: • Standard price per tonne is £50 • Standard usage is 1.000 tonnes • Actual price per tonne is £50 • Ac ...

Classifying costs in a service companya partial list of the

Classifying costs in a service company A partial list of the costs for Wisconsin and Minnesota Railroad, a short hauler of freight, follows. Classify each cost as either indirect or direct. For purposes of classifying ea ...

Accounting theory assignment-international convergence of

Accounting Theory Assignment- International convergence of accounting standards is a major priority of both the International Accounting Standards Board (IASB) and the Australian Accounting Standards Board (AASB). The IA ...

Rayburn industries is evaluating the investment of 144900

Rayburn Industries is evaluating the investment of $144,900 in a new packing machine that should provide annual cash operating inflows of $31,060 for 6 years. At the end of 6 years, the packing machine will be sold for $ ...

The retained earnings account balance for a large

The Retained Earnings account balance for a large corporation is $10,000,000. This amount represents a. cumulative profits over time that have not been distributed to shareholders b. cash in the bank c. current year prof ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate