Homework Answers
Beginning inventory = $155,200
Purchases = $475,500
Sales = $655,200
Gross profit = 35% on sales
Gross profit = 655,200 x 35%
= $229,320
Cost of goods sold = Sales - Gross profit
= 655,200 - 229,320
= $425,880
Ending inventory = Beginning inventory + Purchases - Cost of goods sold
= 155,200 + 475,500 - 425,880
= $204,820
Ending inventory destroyed in fire = $204,820
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