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ragenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignmentstakeAssignmentsessionlocator-assignment takešinprogressm eBook Calculator Gross Profit Method A fire completely destroyed all the inventory of Glisan Lu following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20- Net purchases, January 1 through August 5 400,000 Net sales, January 1 through August 5 738,000 Normal gross profit as a percentage of sales 40% Required: mber Yard on August 5, 20-. Fortunately, the accounting records were not destroyed in the fire. The Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method.

Explanation / Answer

Beginning Inventory 109000 Net Purchases 400000 Add: Gross Profit (738000*40%) 295200 804200 Less: Sales 738000 Amount of Merchandise Inventory destroyed in fire (804200 - 738000) 66200

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