On July 1, 20X2, a fire destroyed the entire inventory of Circle Clothes, a retail...
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Accounting
On July 1, 20X2, a fire destroyed the entire inventory of Circle Clothes, a retail store. The accounting records that were saved showed that the firm's gross profit rate was 35 percent of net sales. During the period of January 1 to July 1, 20X2, the store had net sales of $364,000 and net purchases of $344,000. On December 31, 20X1, the inventory was $69,000. What is the estimated cost of goods sold for the period? What is the estimated ending (destroyed) inventory? What is the estimated gross profit for the period
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