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Determine the estimated cost of inventory lost in the fire

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Reference no: EM132629746

Question - Sunland Company reported the following information for November and December 2020.

November December

Cost of goods purchased $531,000 $605,000

Inventory, beginning-of-month 128,000 164,840

Inventory, end-of-month 164,840 ?

Sales revenue 852,000 1,000,000

Sunland's ending inventory at December 31 was destroyed in a fire.

Required - Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire?

Reference no: EM132629746

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