4 4 points eBook 101 Hint Ask References QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. Beginning inventory Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated September 5 inventory destroyed $ $ $ 170,000 325,000 495,000 170,000 170,000 $ 170,000 $ 325,000 $ 650,000 34% .

QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5 . The following data for the current year are available from the accounting records. Estimate the cost of the inventory destroyed