Finding the value of inventory destroyed

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Reference no: EM1315862

Finding the value of inventory destroyed in natural disaster.

On July 24 of the current year, The Acme Peach Company experienced a natural disaster that destroyed the company's entire inventory. At the beginning of July, the company reported beginning inventory of $226,750. Inventory purchased during July (until the date of the disaster) was $197,800. Sales for the month of July through July 24 were $642,500. Assuming the company's typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the natural disaster.

Reference no: EM1315862

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