On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed the company's entire inventory. At the beginning of April, the company reported beginning inventory of $226,950. Inventory purchased during April (until the date of the tornado) was $198,000. Net Sales for the month of April through April 24 were $642,700. Assuming the company's typical gross profit ratio is 50%, 

Estimate the amount of inventory destroyed in the tornado.

Answer rating: 100% (QA)

Step 11 To estimate amount of inventory destroyed in tornado we need calculate e... View the full answer