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