When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that Potts had inventory costing $60,000 on January 1. From January 1 to January 28, Potts had made net sales of $84,000 and net purchases of $96,000. The gross profit during the past several years had consistently averaged 40 percent of net sales. Potts plans to file an insurance claim for the theft loss.Required:a. Using the gross profit method, estimate the cost of inventory at the time of the theft.

If sales = $455,000, purchases = $225,000, beginning inventory = $150,000 and ending inventory = $118,000, gross profit is:$198,000$230,000$75,000$257,000

Given the information below, what is the gross profit? Sales revenue $ 345,000Accounts receivable 53,000Ending inventory 113,000Cost of goods sold 239,000Sales returns 23,000Multiple Choice$86,000$83,000$209,000$106,000

Mary Limited acquired the identifiable assets and liabilities of Joan Limited for $530 000. The items acquired, stated at fair value, are: equipment $296 000; inventories $160 000; accounts receivable $104 000; patents $60 000; accounts payable $80 000. The difference on acquisition is: Group of answer choices gain on bargain purchase $170 000 goodwill of $10 000 goodwill of $170 000 gain on bargain purchase $10 000

On May 1, there were 4 inventory items that cost $30 each. On May 5, 2 items were purchased for $35 each. Given one item from the beginning inventory and one from the May 5 inventory were sold, under the inventory method, cost of goods sold would equal $65.

Time left 0:50:09Question 5Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAn entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200