Homework Answers
Total cost of merchandise = beginning inventory + purchases
= 50,000 + 130,000 = 180,000
Cost of goods sold = Sales - gross profit
= 200,000 - (200,000 x 30%) = 140,000
Balance cost of inventory = 180,000 - 140,000 = $40,000.
All inventory was destroyed, the cost of destroyed inventory is $40,000.
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