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Calculate the value of the destroyed ending inventory

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Backstreet Inc. wants to estimate inventory destroyed by flooding. Its average gross profit is 37%. The following information is available:

Beginning inventory.................. $ 112 350

Transportation in............................ 4 725

Purchases..................................... 520 850

Sales............................................ 885 950

Purchase returns.............................. 5 000

Sales returns & allowances............. 9 760

Required:

Question 1: Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary

Reference no: EM132558271

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