Question: March net sales through March 2 8 , $ 3 5 0 , 0 0 0 Beginning Inventory, March 1 , 1 0 0 ,

March net sales through March 28,$350,000
Beginning Inventory, March 1,100,000
Merchandise purchases through March 28,180,000
The company has experienced an average gross profit rate of 35% in the past and this rate appears to be appropriate in the current period.
Using the gross profit method, prepare an estimate of the cost of the inventory destroyed by fire on March 28.
$
March net sales through March 28,$350,000 Beginning Inventory, March 1,100,000 Merchandise

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