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Estimate the company inventory

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Question - On July 23, the company's inventory was destroyed in a hurricane-related flood. For insurance purposes, the company must reliably estimate the amount of inventory on hand on July 23. The company uses a periodic inventory system. The following data have been assembled:

Inventory, January 1 $1,350

Purchases, January 1-July 23 $4,000

Sales, January 1-July 23 $6,500

Last year's gross profit percentage 70%

Estimate the company's inventory as of July 23 using last year's gross profit percentage.

Reference no: EM131562699

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