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What is the amount of merchandise inventory

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Question - McElwain Corp is a retailing company that stores its merchandise (Gator Gear) in one warehouse located in Gainesville, FL. On December 1, 2017 there was a fire that destroyed some of the merchandise and now McEIwain must determine how much of the merchandise was destroyed, using the gross profit method of estimating inventory. Following are the relevant data from 2017;

Inventory, January 1, 2017

$68651

Purchases

$48135

Sales Revenue

$32056

Inventory, December 2, 2017 (after fire)

$19798

Normal Percentage Markup on Cost

25%

What is the amount of merchandise inventory destroyed by the fire?

Reference no: EM132158532

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