Bakstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is...
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Accounting
Bakstreet Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 0.37% Beginning inventory is $101,493, purchases are $514,226, purchase returns and allowances are $4,519, transportation-in is $4,654, sales are $878,409 and sales returns and allowances are $9,289.
Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary.
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