Confucius Bookstore's inventory is destroyed by a fire on September 5, 2017. The following data...
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Accounting
Confucius Bookstore's inventory is destroyed by a fire on September 5, 2017. The following data for year 2017 are available from the accounting records Jan. 1 inventory Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Year 2017 estimated gross profit rate $150,000 $327,000 $654,000 41% Estimate the cost of the inventory destroyed. Beginning inventory $ 150,000 Estimated September 5 Inventory destroyed
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