Question: Kauai Stores inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Estimate

Kauai Store’s inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Estimate the cost of the inventory destroyed.

Jan. 1 inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 190,000

Jan. 1 through Sept. 5 purchases (net) . . . . . . . . . $ 352,000

Jan. 1 through Sept. 5 sales (net) . . . . . . . . . . . . . $ 685,000

Year 2013 estimated gross profit rate . . . . . . . . . 44%

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