QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a...

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QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate $ 180,000 $ 382,000 $ 764,000 36% Estimate the cost of the inventory destroyed. Beginning inventory Estimated September 5 inventory destroyed $ 180,000 QS 6-26B (Algo) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate $ 180,000 $ 382,000 $ 764,000 36% Estimate the cost of the inventory destroyed. Beginning inventory Estimated September 5 inventory destroyed $ 180,000