Question: Toy Mart has inventory that was destroyed by fire. Apply the gross profit method to estimate their ending inventory assuming the following information Goods available

Toy Mart has inventory that was destroyed by fire. Apply the gross profit method to estimate their ending inventory assuming the following information

Goods available at cost $ 75,000

Goods available at retail selling price $ 100,000

Goods sold at retail prices $ 60,000

Gross profit ratio 25%

Cost of ending inventory ?

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