Amtran Enterprises lost its entire inventory in a hurricane that
Amtran Enterprises lost its entire inventory in a hurricane that occurred on May 31, 2014. Over the past five years, gross profit has averaged 32% of net sales. The company’s records reveal the following data for the month of May:
Beginning Inventory ......... $ 38,600
Net Purchases ............ 341,900
Sales ............... 530,400
Sales Returns and Allowances ...... 12,300
Sales Discounts ........... 6,500
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