A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2013. Accounting records on that date indicated the following:Merchandise inventory, January 1, 2013 $ 1,900,000 Purchases to date 5,800,000 Freight-in 400,000 Sales to date 8,200,000 The gross profit ratio has averaged 20% of sales for the past four years. Required:Use the gross profit method to estimate the cost of the inventory destroyed in the fire. Estimated loss from from fire
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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2013. Accounting records on that da...
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