Question: I need help finding the accurate solution to this general accounting problem with valid methods. A fire destroyed the inventory of Harbor Supplies on November

I need help finding the accurate solution to this general accounting problem with valid methods.

A fire destroyed the inventory of Harbor Supplies on November 20. The following information was taken from the company's accounting records: Beginning inventory (Jan 1): $310,000 Net purchases from Jan 1 to Nov 20: $2,160,000 Net sales from Jan 1 to Nov 20: $3,900,000 Estimated gross profit rate: 42% Estimate the cost of inventory destroyed in the fire

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