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Estimate the cost of inventory destroyed in the flood

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Reference no: EM131648041

Question - On September 22, 2016, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system:

Inventory, January 1, 2016 $148,000  

Net purchases, January 1 through September 22 378,000  

Net sales, January 1 through September 22 590,000  

Gross profit ratio 20%

Required: Estimate the cost of inventory destroyed in the flood using the gross profit method.

Reference no: EM131648041

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