Question: I really need help completing and understanding this problem. Very much appreciated. A flood destroyed a company's warehouse contents on September 12. The following information

I really need help completing and understanding this problem. Very much appreciated.

I really need help completing and understanding this problem. Very much appreciated. A flood destroyed a company's warehouse contents on September 12. The following

A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $29,500 2. Purchases for the period: $18,500 3. Sales for the period: $56,500 4. Sales returns for the period: $850 The company's average gross profit ratio is 25%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $36,000.00 $48,000.00 $47,000.00. $6,262.50. $34,087.50

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