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Determine the cost of the inventory destroyed in the flood

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The merchandise inventory of Planter Co was destroyed by flood on August 15. The following data were obtained from the accounting records: Jan 1 Inventory $650,000 Jan 1 - August 15 Purchases (net) 1,100,000 Sales (net) 2,600,000 Gross Profit Rate 40% Instructions:

Estimate the cost of the inventory destroyed in the flood. Show all work.

Sales Cost of Good Sold Gross Profit

Inventory Beg Inventory COGS: Purchases: Ending:

Reference no: EM13454330

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