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What is the estimated inventory on September

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Problem - Gross Profit Method: Estimation of Fire Loss - On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available:

Sales, January 1-September 28, 2019 $560,000

Inventory, January 1, 2019 $170,000

Merchandise purchases, January 1-September 28, 2019 (including $60,000 of goods in transit on September 28, 2019, shipped FOB shipping point) $472,000

Markup percentage on cost 25%

Required - What is the estimated inventory on September 28, 2019, immediately prior to the fire?

Reference no: EM132883997

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