Goiania, Inc. was vandalized during a riot in their community and a lot of their...
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Goiania, Inc. was vandalized during a riot in their community and a lot of their inventory was destroyed. In fact, only $80,000 was still in good enough condition to sell. If the company had beginning inventory of $503,000, net purchases of $1,811,000, net sales of $3,240,000, and an average gross profit or sales margin ratio of 38%, how much inventory would they report was destroyed on their insurance claim if they use the Gross Profit Method?
$2,008,800
$305,200
$80,000
$225,200
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