A company's inventory was destroyed in a fire on January 28, 2019. The company's December 31,...
A company's inventory was destroyed in a fire on January 28, 2019. The company's December 31, 2018 inventory had a cost of $40,000. The company's gross profit has consistently been 30% of sales. During January the company purchased merchandise costing $36,000 and sales of $50,000 at regular selling prices. What is the estimated cost of the inventory that was destroyed on January 28, 2019?
$26,000
$35,000
$41,000
Homework Answers
Cost of Goods available for sale
=40,000 + Purchases 36,000
= 76,000
Cost of Goods Sold = Sales - Gross profit
= 50,000 - (50,000*30%)
= 35,000
Inventory destroyed = Goods available - Cost of Goods Sold
= 76,000 - 35,000
= 41,000
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