Grouper corporation’s april 30 inventory was destroyed by fire. january 1 inventory was $160,600, and purchases for january through april totaled $474,000. sales revenue for the same period were $669,900. grouper’s normal gross profit percentage is 30% on sales. using the gross profit method, estimate grouper’s april 30 inventory that was destroyed by fire.

estimated ending inventory destroyed in fire. $

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents