Exercise 1:

Exercise 2:

Exercise 3:

On July 8, a fire destroyed the entire merchandise inventory on hand of GenteFINA Corporation. The following information is available: Sales, January 1 through July 8 $700,000 Inventory, January 1 130,000 Purchases, January 1 through July 8 640,000 Gross profit ratio 30% What is the estimated inventory on July 8 immediately prior to the fire? Sacato Corporation started business January 1, 2020, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2020: Cost $ 15,000 49,000 2,500 1,700 Retail $ 23,000 78,000 Beginning inventory Purchases Freight-in Purchase retums Net markups Net markdowns Net sales Employee discounts 2,600 2,000 4,100 70.600 700 The estimated ending inventory at retail is: Lolamento Company uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $60.000 and $120.000, uel purchases at cost and retail were $312,000 and $480,000. and sales during the first six months totaled S490.000. Required: Calculate the estimated inventory at June 30, 2021