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Prepare a journal entry to estimate the cost of inventory

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Reference no: EM133005804

Question - On September 22, 2021, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system:

Year

LIFO

Average Cost

2018

$45,100

$54,200

2019

78,300

71,100

2020

83,400

78,300

Required - Prepare a journal entry to estimate the cost of inventory destroyed in the flood using the gross profit method.

Reference no: EM133005804

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