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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:

 

Fruit

Toppings

Marshmallow

Toppings

Chocolate

Toppings

Inventory, January 1, 2009

$20,000

$7,000

$3,000

Net purchases through Nov 17

150,000

36,000

12,000

Net sales through Nov 17

200,000

55,000

20,000

Historical gross profit rates

20%

30%

35%

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

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