Madagascar Company has a typical gross profit rate of 68%. Its beginning inventory was $20,000. From January 1 through April 30, net sales were $100,000 and net purchases were $70,000. Using the gross profit method of inventory valuation, the value of the inventory destroyed by tornado on April 30 was $ . (Do not input a comma.)?

Answer rating: 100% (QA)

To calculate the value of the inventory destroyed by the tornado using the gross profit method we ne... View the full answer