The inventory of Bell Department Store was destroyed by a fire on September 10, 2014. The following
Question:
Jan. 1 inventory .............................................$180,000
Jan. 1 -Sept. 10 purchases (net) .....................$342,000
Jan. 1 -Sept. 10 sales ......................................$675,000
2014 estimated gross profit rate ......................42%
Estimate the cost of the inventory destroyed in the fire using the gross profit method.
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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