Question: A fire destroyed a warehouse of the Goren Group Inc

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2011. Accounting records on that date indicated the following:


The gross profit ratio has averaged 20% of sales for the past four years.

Required:
Use the gross profit method to estimate the cost of the inventory destroyed in thefire.
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  • CreatedJuly 02, 2013
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