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Calculate estimated cost of the destroyed ending inventory

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Reference no: EM132720500

Question: Teigan's Clothiers Inc., a clothing retailer of high-end ladies fashions, had their inventory destroyed in a flood. Its average gross profit percentage is 31%. The following information is available:

Beginning inventory $212,350

Purchases $620,850

Purchase returns and allowances $ 8,000

Sales $985,950

Sales Returns and Allowances $ 14,760

Required: Calculate the estimated cost of the destroyed ending inventory using the Gross Profit Method.

Reference no: EM132720500

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