Daisy Inc. had a fire destroy its warehouse on November 1, 2024. The following information was obtained from their accounting records: Description Amount Inventory (1/1/24) $ 20,000 Net Sales (1/1/24 - 11/1/24) 650,000 Net Purchases (1/1/24 - 11/1/24) 800,000 Gross profit percentage (as a % of sales) 35% 

Assuming the fire destroyed all of the inventory, what is the estimated cost of the inventory lost in the fire? Do not include decimals or cents in the numerical response.

Assuming the fire destroyed 60% of the inventory, what is the estimated cost of the inventory lost in the fire?

Answer rating: 100% (QA)

We can leverage the gross profit percentage to estimate the Cost of Goods Sold COGS Calculate the Gr... View the full answer