(Answered) On september 28 2010 a fire destroyed the entire

Accounting

On September 28, 2010, a fire destroyed the entire merchandise inventory of the Carroll Corporation. The following information is available:

Sales, January 1,September 28, 2010 .......... $540,000

Inventory, January 1, 2010 ................. $150,000

Merchandise purchases, January 1,September 28, 2010

(including $60,000 of goods in transit on September 28,2010,

shipped FOB shipping point) ............ $465,000Markup percentage on cost ................ 20%

Required:
What is the estimated inventory on September 28, 2010 immediately prior to the fire?

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