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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016
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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicated the following:

      Merchandise inventory, January 1, 2016$1,920,000   Purchases to date 5,820,000   Freight-in 420,000   Sales to date 8,400,000 

 The gross profit ratio has averaged 20% of sales for the past four years.

Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.

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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016
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  • Submitted On 18 Sep, 2017 06:15:08
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