On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. O’Ffsite
On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. O’Ffsite
accounting records reflect the normal gross profit rate is 40% of sales. Sales to the date of the fire were $1,500,000.
The April 50, 2016 inventory value was $500,000. Two purchases were made during May, before the fire,for the values of
$500,000 and $700,000. Using the Gross Profit Method determine the estimated inventory loss due to the fire. I? ‘
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