Confucius Bookstore’s inventory is destroyed by a fire on
September 5, 2016. The following data for year 2016 are available from the
accounting records.
Jan. 1 inventory $
100,000
Jan. 1 through Sept. 5 purchases (net) $ 310,000
Jan. 1 through Sept. 5 sales (net) $ 620,000
Year 2016 estimated gross profit rate 40 %
Required:
Estimate the cost of the inventory destroyed.
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