When Mary Potts arrived at her store on the morning of Jare she found empty...
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Accounting
When Mary Potts arrived at her store on the morning of Jare she found empty shelves and display racks: thieves had broken in during the night and stolen the entire inventory Accountir records showed that Potts had inventory costing $59,000 on January 1 From January 1 to January 29, Potts had made net sales of $82,600 and net purchases of $94,400. The gross profit during the past several years had consistently averaged 43 percent of net sales, Potts plans to file an insurance claim for the theft loss. a. Using the gross profit method, estimate the cost of inventory at the time of the theft Estimated ending inventory
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