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On October 27, 2023, a fire destroyed the entire merchandise inventory on hand in a warehouse owned by the Fields Furniture Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2023 Net purchases, January 1 through October 27 Net sales, January 1 through October 27 Gross profit ratio $260,000 480,000 875,000 30% Compute the following to estimate the cost of inventory destroyed in the fire using the gross profit method. Cost of goods available for sale Estimated cost of goods sold Estimated cost of inventory destroyed +

On October 27,2023 , a fire destroyed the entire merchandise inventory on hand in a warehouse owned by the Fields Furniture Company. The following information is available from the records of the company's periodic inventory system: Compute the following to estimate the cost of inventory destroyed in the fire using the gross profit method