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Question on sept 22 2016 a flood destroyed the entire merchandise on hand in a warehouseowned by the

Question on sept 22 2016 a flood destroyed the entire merchandise on hand in a warehouseowned by the

on sept 22 2016 a flood destroyed the entire merchandise on hand in a warehouseowned by the rocklin sporting goods company the following info is available from the records of the companys periodic inventory system:

inventory january 1 2016 140,000

net purchases, january 1 through sept 22 370,000

net sales january 1 through sept 22 550,000

gross profit ratio 25%

required

estimate the cost of inventory destroyed in the flood using the gross profit method

 
manish jayant 22-Apr-2020

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