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 37%. The following information is available: (1) Beginning inventory: $112,350 (2) Purchases: $520,850 (3) Purchases returns and allowances: $5,000 (4) Transportation-in: $4,725 (5) Sales: $885,950 (6) Sales returns and allowances: $9,760 Instructions: 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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