merchandise inventory planter co was destroyed flood august 15 following data were obtained

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The merchandise inventory of Planter Co was destroyed by flood on August 15. The following data were obtained from the accounting records: Jan 1 Inventory $650,000 Jan 1 – August 15 Purchases (net) 1,100,000 Sales (net) 2,600,000 Gross Profit Rate 40% Instructions: Estimate the cost of the inventory destroyed in the flood. Show all work. Sales Cost of Good Sold Gross Profit Inventory Beg Inventory COGS: Purchases: Ending:
 
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