Oriole company lost most of its inventory in a fire in december just before the year-end physical inventory was taken. the corporation’s books disclosed the following. beginning inventory $173,200 sales revenue $672,900 purchases for the year 424,200 sales returns 24,600 purchase returns 28,000 rate of gross profit on net sales 30 % merchandise with a selling price of $21,000 remained undamaged after the fire. damaged merchandise with an original selling price of $16,100 had a net realizable value of $5,700. compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage.

Newton industries is considering a project and has developed the following estimates: unit sales = 4,800, price per unit = $67, variable cost per unit = $42, annual fixed costs = $11,900. the depreciation is $14,700 a year and the tax rate is 34 percent. what effect would an increase of $1 in the selling price have on the operating cash flow?

Penelope summers received certain income benefits in 2018. she received $1,400 of state unemployment insurance benefits, $2,000 from a federal unemployment trust fund and $3,700 workers’ compensation received for an occupational injury. what amount of the compensation must penelope include in her income

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: