Business, 07.04.2020 04:13 yoyo9661

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
Merchandise inventory, January 1, 2021 $1,980,000
Purchases to date 5,880,000
Freight-in 480,000
Sales to date 9,000,000
The gross profit ratio has averaged 20% of sales for the past four years.
Required:
1. Use the gross profit method to estimate the cost of the inventory destroyed in the fire.

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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that da...