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What is the estimated cost of the inventory lost in tornado

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Reference no: EM131744609

Question: 1. How does the choice of an inventory cost flow assumption impact the cash flow of acompany?

2. Webster, Inc.'s inventory was destroyed in a tornado. The damage occurred on July 21 and their accounting records up to the date were as follows:

Inventory, January 1 at cost $1,950,000

Purchases January through July 15 at cost 2,250,000

Sales January through July 15 4,600,000

Normal gross profit percentage of sales 30%

What is the estimated cost of the inventory lost in the tornado? Show all work and label your final answer clearly.

Reference no: EM131744609

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