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The Rainbow Company suffered a loss of its inventory on May 27 due to a flooded warehouse, and none of the inventory was salvageable. As a basis for filing a claim with its insurance company, the Rainbow Company developed the following information:
Their average gross profit rate has been 35% in the past and this rate appears to be appropriate in the current period.
May's sales to May 27th $600,000
Purchase Returns 15,000
Beginning Inventory, May 1st 210,000
Merchandise Purchases through May 27th 245,000
REQUIRED:
Problem 1: Use the gross profit method to estimate of the cost of the inventory destroyed in the flood of May 27th. Show all computations to support your answer.
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