Problem $6-14$A Estimating ending inventory$-$gross profit

Page $499$

method

L$06$

CHECK FIGURE: $$188,176$

Quebec Traffic Company had a fire on March $10,2023,$ that destroyed a major portion of its inventory. The salvaged accounting records contained the following information:

Sales, January $1$ to March $10$

$$355,600$

Net merchandise purchased January $1$ to March $10187,400$

Additional information was determined from the $2022$ annual report:

Income statement:

Sales

$$3,300,000$

Cost of goods sold

$1,782,000$

Balance sheet:

Merchandise inventory.

$299,100$

Quebec Traffic was able to salvage inventory with a cost of $$106,300.$

Required

Determine the amount of inventory lost by Quebec Traffic as a result of the fire.

Quebec Traffic has a December $31$ year$-$end. Round the gross profit ratio to the nearest whole percentage point.

what is total cost of goods available for sales