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Estimate the amount of ending inventory that was destroyed

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The total sales for CARM Company up to December 31, 2016 was $1,000,000. Purchases for the month was $900,000, and freight-in of $40,000. The cost of beginning inventory was $70,000. The company typically earns a gross profit of 35 percent. On the night of December 31st, a fire completely destroyed CARM's inventory.

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Problem 1: Using the gross profit method, estimate the amount of ending inventory that was destroyed in the fire

Reference no: EM132806873

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