14 Mar 8Allgone Company’s inventory was destroyed by fire
8Allgone Company’s inventory was destroyed by fire Its records show net sales of $90,000, beginning inventory of $20,000, net purchases of $75,000 and a gross margin rate of 30% What is the estimated value of the ending inventory lost in the fire?$75,000$158,000$68,000None of the above$32,0009The following information relates to the inventory of ABC Inc who uses a perpetual inventory system:DateTransaction# UnitsUnit cost/sales priceDecember 4Opening inventory300$15December 10Purchase inventory100$18December 15Sell inventory320$27December 20Purchase inventory150$20December 29Sell inventory100$30What is the value of inventory on hand after the December 29 sale if FIFO is used?$2,600$2,200$2,400$3,900$1,95010The following information has been extracted from the records of Due North Sales (DNS) Co:January 1 Beginning Inventory 550 units @ $26 eachJanuary 9 Bought 1,000 units @ $28 eachJanuary 15 Sold 1,200 units @ $40 eachJanuary 25 Bought 800 units @ $30 eachIf Due North Sales (DNS) uses the FIFO cost flow assumption, under a perpetual method, the ending inventory value at January 31st is:$31,100$32,750$33,552None of the other alternatives are correct$33,800
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