Question: Question 6 (8 points) Inventory Estimation Logan's Corporation recently suffered a fire in its warehouse. The fire destroyed all of the company's inventory on hand

Question 6 (8 points) Inventory Estimation Logan's Corporation recently suffered a

Question 6 (8 points) Inventory Estimation Logan's Corporation recently suffered a fire in its warehouse. The fire destroyed all of the company's inventory on hand at June 30. The opening inventory on June 1 was $137,500 Logan purchases an additional $325,000 during June and had sales of $500,000 for the month. The gross profit % is 25% Required: Using the gross profit method, estimate the value of inventory destroyed in the fire. Format B I U IM

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