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Problem 6-14A Estimating ending inventory-gross profit Page 499 method ...

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Accounting

Problem 6-14A Estimating ending inventory-gross profit
Page 499
method
L06
CHECK FIGURE: $188,176
Quebec Traffic Company had a fire on March 10,2023, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information:
Sales, January 1 to March 10
$355,600
Net merchandise purchased January 1 to March 10187,400
Additional information was determined from the 2022 annual report:
Income statement:
Sales
$3,300,000
Cost of goods sold
1,782,000
Balance sheet:
Merchandise inventory.
299,100
Quebec Traffic was able to salvage inventory with a cost of $106,300.
Required
Determine the amount of inventory lost by Quebec Traffic as a result of the fire.
Quebec Traffic has a December 31 year-end. Round the gross profit ratio to the nearest whole percentage point.
what is total cost of goods available for sales
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