The merchandise inventory of planter co was destroyed by

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Reference no: EM13453420

The merchandise inventory of Planter Co was destroyed by flood on August 15. The following data was obtained from the accounting records:

Jan 1 Inventory $650,000

Jan 1 - August 15 Purchases (net) 1,100,000

Sales (net) 2,600,000

Gross Profit Rate 40%

Instructions: Estimate the cost of the inventory destroyed in the flood. Show all work.

Sales (1/1 - 8/15)		100%
Cost of Goods Sold (1/1 - 8/15)		60%
Gross Profit		40%

Inventory
Beg Inventory (1/1) -	COGS (1/1 - 8/15):
Purchases (1/1 - 8/15):
Ending (8/15):

Reference no: EM13453420

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