Question: Un September 2 2 , 2 0 2 4 , a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the
Un September a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Spor Goods Company. The following information is available from the records of the company's periodic inventory syater:
Inventory, January
Net purchases, January through Septenber
$ e ee
Net sales, January through September
Gross profit ratio
ee
Required:
Complete the below table to estimate the cost of inventory destroyed in the flood using the gross proft method.
tableBeginning imertory,,Plas: Niet purchases,,Cost of goods mivilebie for sele,,,Less: Cost of goods sold:,,Fist sales,,Lese: Estimated grose profe,,Estimated cost of goods sold,,Eislinated cost af imvertory devtioyed,,
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