Assuming that the gross profit has averaged 25 percent of

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The Steelers Company had its entire inventory destroyed when a fire swept through the company's warehouse. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:

sales - 486,000

purchases - 295,000

beginning inventory - 147,800

Purchase returns - 16,600

Freight-in - 8,200

1. Assuming that the gross profit has averaged 25 percent of selling price, what is the estimated value of the inventory destroyed in the fire? show all calculations

2. Assuming that the markup percentage on cost is 28 percent, what is the estimated value of the inventory destroyed in the fire? show all calculations.

Reference no: EM13578856

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