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The inventory of Don's Grocery was destroyed by a tornado on October 6 of the...

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Accounting

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The inventory of Don's Grocery was destroyed by a tornado on October 6 of the current year. Fortunately, some of the accounting records were at the home of one of the owners and were not damaged. The following information was available for the period of January 1 through October 6: Beginning inventory, January 1 Purchases through October 6 Sales through October 6 $ 140,000 670,000 1,100,000 Gross margin for Don's has traditionally been 30 percent of sales. Problem 5-22A Part a Required a. For the period ending October 6, compute the following: 1. Estimated gross margin 2. Estimated cost of goods sold 3. Estimated inventory at October 6

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