(Answered) Problem - goodwood inc wants to estimate inventory

Accounting

Problem - Goodwood Inc. wants to estimate inventory destroyed by flood. Its average gross profit percentage is 75%. The following information is available:

(1) Beginning inventory: $123,560

(2) Purchases: $328,950

(3) Purchases returns and allowances: $4,000

(4) Transportation-in: $1,490

(5) Sales: $754,350

(6) Sales returns and allowances: $4,350

Required: Calculate the value of the destroyed ending inventory using the gross profit method.

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