On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:



Sales, January 1 through April 15 $ 618000

Inventory, January 1106000

Purchases, January 1 through April 15515000

Markup on cost20%



What is estimated  amount of the inventory loss?

Answer rating: 100% (QA)

To estimate the amount of the inventory loss we need to calculate the cost of goods sold for the per... View the full answer