Question: Great Balls of Fire Inc s April 30 inventory was destroyed
Great Balls of Fire Inc.'s April 30 inventory was destroyed by an explosion of an underground oil tank. January 1 inventory was $310,000 and purchases for January through April totalled $780,000. Sales for the same period were $ 1.1 million. Great Balls of Fire's normal gross profit percentage is 31 %. Using the gross profit method, estimate the amount of Great Balls of Fire's April 30 inventory that was destroyed.
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