Question: PLEASE SHOW ME THE ALL CALCULATION PROCESSES AS WELL Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 30%.

PLEASE SHOW ME THE ALL CALCULATION PROCESSES AS WELL Backstreet Company

PLEASE SHOW ME THE ALL CALCULATION PROCESSES AS WELL

Backstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 30%. The following information is available: Beginning inventory $ 223,580 Purchases 660,425 Purchases returns and allowances 8,740 Transportation-in 6,725 Sales 1,085,950 Sales returns and allowances 47,760 Required Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary

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