Sliver lumber company handles three principal lines of, Ask an Expert

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Sliver Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost.

Lumber 25%
Millwork 30%
Hardware and fittings 40%

On August 18, a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction.

Lumber Millwork Hardware
Inventory, Jan. 1, 2011 $ 250,000 $90,000 $45,000
Purchases to Aug. 18, 2011 1,500,000 375,000 160,000
Sales to Aug. 18, 2011 2,050,000 533,000 245,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9987606

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