(Answered) Problem - a fired completely destoryed the entire inventory

Accounting

Problem - A fired completely destoryed the entire inventory of Printing Delight Co. on March 15,20-. Fortunately, the books were not destoryed in the fire. The following information is taken from the books of Pringting Delight Co. for the time period, January 1,20- through March 15, 20--

Beginning inventory, January 1, 20-- $45,000

Net purchases, January 1, through March 15, 20-- 252,000

Net sales, January 1, through March 15,20-- 378,000

Normal Gross profit percentage of sales 37%

Estimate the amount of merchandise inventory destoryed in the fire on March 15,20--, using the gross profit method.

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