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Estimate the cost of the inventory lost in the fire

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Reference no: EM132956502

Problem 1: Suppose Alpine Sportswear suffered a fire loss and needs to estimate the cost of the goods destroyed. Beginning inventory was $110,000, net purchases totaled $660,000, and sales came to $1,100,000. Alpine's normal gross margin percentage is 51%. Use the gross margin method to estimate the cost of the inventory lost in the fire.

Select one:

a. $770,000
b. $539,000
c. $561,000
d. $231,000

Reference no: EM132956502

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