07 27 ok 2 nt D Inces A substantial portion of Inventory owned by Prenties...
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07 27 ok 2 nt D Inces A substantial portion of Inventory owned by Prenties Sporting Goods was recently destroyed when the roof collapsed during a rainstorm Prentics also lost some of its accounting records Prentiss must estimate the loss from the storm for Insurance reporting and financial statement purposes Prentiss uses the periodic Inventory system The following accounting Information was recovered from the damaged records Beginning inventory Purchases to date of storm Sales to date of storm The value of undamaged Inventory counted was 80 355 Historically Prentiss gross margin percentage has been approximately 17 percent of sales Required Estimate the following a Gross margin in dollars b Cost of goods sold in dollars c Ending Inventory d Amount of lost Inventory 203 100 398 000 601 500 a Gross margin b Cost of goods sold C Estimated ending inventory d Inventory lost
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