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Exercise 9-8(Algo) Gross profit method [LO9-2] On September 22,2024, a flood destroyed the...

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Accounting

Exercise 9-8(Algo) Gross profit method [LO9-2]
On September 22,2024, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system:
Inventory, January 1,2024
Net purchases, January 1 through September 22,$149,000
Net sales, January 1 through September 22,595,000
Gross profit ratio
25%
Required:
Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method.
\table[[Beginning inventory,,],[Plus: Net purchases,,],[Cost of goods available for sale,,],[Less: Cost of goods sold:,,],[Net sales,,],[Less: Estimated gross profit,,],[Estimated cost of goods sold,,0],[Estimated cost of inventory destroyed,,$
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