Question: Current Attempt in Progress On December 3 1 , 2 0 2 5 , Sheridan Company's inventory was destroyed by fire. Sales and purchases for

Current Attempt in Progress
On December 31,2025, Sheridan Company's inventory was destroyed by fire. Sales and purchases for the year had been \$1,480,000 and \(\$ 988,000\), respectively. The beginning inventory (Jan.1,2025) was \$182,000; in the past Sheridan's gross profit has averaged 30\% of the selling price.
Compute the estimated cost of inventory destroyed by fire.
Estimated cost of inventory burned \$
Current Attempt in Progress On December 3 1 , 2 0

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