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A substantial portion of inventory owned by Prentiss Sporting...

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Accounting

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A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss 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: $198,100 402,100 600,800 The value of undamaged inventory counted was $125,492. Historically, Prentiss's gross margin percentage has been approximately 24 percent of sales. Required Estimate the following: a. Gross margin in dollars. b. Cost of goods sold in dollars. t of c. Ending inventory Pev 18 or 20 Next>

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