Question: Help !!! On August 31, 2017, Hurricane destroyed Thomas Craft Mart's entire inventory. The following information is available from its accounting records: Inventory, January 1,

Help !!!

On August 31, 2017, Hurricane destroyed Thomas Craft Mart's entire inventory. The following information is available from its accounting records: Inventory, January 1, 2017 Purchases, Jan. 1-Aug. 31 Sales, Jan. 1-Aug. 31 S360,000 960,000 1,350,000 Required: Assuming that Thomas Cra lost in the hurricane on August 31,2017. ft Mart uses gross profit margin of 30%, calculate the cost of estimated inventory Show your computations)

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