Gross profit method to determine inventory lost

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Reference no: EM1357844

Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000. Lisa's normal gross profit percentage is 50%. What is the estimated cost of the inventory lost in the fire using the gross profit method?

Reference no: EM1357844

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