Wildhorse Corp had $1300000 of inventory at December 31, 2024, with purchases of $390000, and...
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Accounting
Wildhorse Corp had $1300000 of inventory at December 31, 2024, with purchases of $390000, and sales of $910000 in 2025. Wildhorse Corp lost all but $130000 of inventory due to a hurricane in 2025. Using the gross profit method, calculate ending inventory independently using the following assumptions:
1. Wildhorse's gross margin was 30%
2. Wildhorse mark up on cost was 20%
3. Wildhorses cost of sales percentage was 60%
Help me, please.
Thank you in advance!
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