Abraham Surf Co., through no fault of its own, lost an entire plant due to...
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Accounting
Abraham Surf Co., through no fault of its own, lost an entire plant due to an earthquake on April 30, 2020. In preparing its insurance claim on the inventory loss, the company developed the following data for January 1 through April 30, 2020: Inventory January 1, 2020 $400,000 Net purchases $775,000 Net sales $1,200,000 Abraham consistently reports a 40% gross profit ratio. Using the gross profit method, what is the estimated value of ending inventory as of April 30, 2020? Group of answer choices$455,000 $720,000 $695,000 $25,000 $480,000
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