Vacation Properties began March with concession inventory of $36,000. The business made net purchases of $79,500 for

Question:

Vacation Properties began March with concession inventory of $36,000. The business made net purchases of $79,500 for concessions and had net sales of $150,000 before a breakin when its concession inventory was stolen. For the past several years, Vacation Properties' gross profit percentage has been 45%. Estimate the cost of the concession inventory stolen. Would a manager use the gross profit method to estimate under normal circumstances?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...