Stanislaw Corporation Inventory Fire Loss Computation Assignment
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Stanislaw Corporation Inventory Fire Loss Computation Assignment
Chapter 9 Quiz
Due Date: Tuesday, November 16th
- Compute the amount of inventory fire loss
STANISLAW CORPORATION
Inventory Fire Loss Computation
April 15, 2018
Inventory, January 1, 2018 $ 75,000
Purchases from January 1 to March 31,2018 52,000
April merchandise shipments paid 3,400
Purchases on account-Unrecorded at April 15,2018 15,600
Total $ 146,000
Less: Merchandise in transit on April 15 $ 2,300
Merchandise returned 950 3,250
Merchandise available for sale $ 142,750
Less: Estimated cost of sales:
Sales revenue during January 1 to March 31,2018 135,000
Sales revenue, April 1 to April 15, 2018
Receivables acknowledged at 4/15/2018 $ 46,000
Receivables not acknowledged 8,000
Total 54,000
Add: Collections, April 1 to April 15, 2018
($12,950 – $950) 12,000
Total 66,000
Less: Receivables March 31, 2018 40,000 26,000
Total Sales January 1 to April 15 161,000
Less: Gross Profit ($161,000 x 45%) 72,450 88,550
Estimated merchandise inventory 54,200
Less: Sales value of salvaged inventory 3,500
Inventory Fire Loss $ 50,700
- Computation of Gross Profit Ratio
Net sales in 2016 $ 390,000
Net sales in 2017 530,000
Total net sales 920,000
Beginning inventory $ 66,000
Net purchases, 2016 235,000
Net purchases, 2017 280,000
Total 581,000
Less: Ending Inventory 75,000 506,000
Gross Profit $414,000
Gross Profit ratio ($414,000: 920,000 x 100) 45%
Thy Mai
ACCT 103
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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