On July 31, 2021, an arsonist destroyed a storage shed that belongs to Skye Lighting. Luckily no one was hurt but the business lost the inventory that was stored in this shed. Skye Lighting is now in the process of filing a claim with their insurance provider and needs to determine an estimate for the inventory lost. They have the following data related to the inventory in the shed: Beginning inventory $150,220 Purchases to July 31 89,020 Net sales to July 31 233,600 Historic gross margin rate 45% Estimate the value of the inventory destroyed in the fire using the gross margin

Answer rating: 100% (QA)

Inventory lost Net sales to July 31 Beginning inventory Purchases Gross mar... View the full answer