Question: 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%

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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