On December 31, 2025, Oriole Company's inventory was destroyed by fire. Sales and purchases for the...

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On December 31, 2025, Oriole Company's inventory was destroyed by fire. Sales and purchases for the year had been $1,440,000 and $990,000, respectively. The beginning inventory (Jan. 1, 2025) was $179,000; in the past Oriole's gross profit has averaged 30% of the selling price. Compute the estimated cost of inventory destroyed by fire. Estimated cost of inventory burned $ On December 31, 2025, Oriole Company's inventory was destroyed by fire. Sales and purchases for the year had been $1,440,000 and $990,000, respectively. The beginning inventory (Jan. 1, 2025) was $179,000; in the past Oriole's gross profit has averaged 30% of the selling price. Compute the estimated cost of inventory destroyed by fire. Estimated cost of inventory burned $

Answer rating: 100% (QA)

To calculate the estimated cost of inventory destroyed by fire we can use the gross profit met... View the full answer