Lin Co. sells its merchandise at a gross profit of 30%. The following figures are among...

 

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Lin Co. sells its merchandise at a gross profit of 30%. The following figures are among those pertaining to Lin's operations for the 6 months ended June 30, year 2: Sales Beginning inventory Purchases $200,000 50,000 130,000 On June 30, year 2, all of Lin's inventory was destroyed by fire. The estimated cost of this destroyed inventory was Lin Co. sells its merchandise at a gross profit of 30%. The following figures are among those pertaining to Lin's operations for the 6 months ended June 30, year 2: Sales Beginning inventory Purchases $200,000 50,000 130,000 On June 30, year 2, all of Lin's inventory was destroyed by fire. The estimated cost of this destroyed inventory was

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