Question: What is the correct answer? On July 5, 2021, a fire destroyed the entire inventory of Kinard Music Mart. The following information is available from

What is the correct answer? On July 5, 2021, a fire destroyed What is the correct answer?

On July 5, 2021, a fire destroyed the entire inventory of Kinard Music Mart. The following information is available from its accounting records: Inventory, January 1, 2021 Purchases, Jan. 1 July 5 Sales, Jan. 1 - July 5 Normal gross margin $ 211,000 500,000 900,000 30% Required: Compute the estimated cost of inventory lost in the fire. Estimated inventory $ 81,000

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