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OURCES Brief Exercise 9-09 x Your answer is incorrect. Try again. Novak Corporations April 30 inventory was destroyed by fir
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Answer #1
Ans. Estimated ending inventory destroyed in fire = Cost of goods available - Estimated cost of goods sold
$656,000 - $443,380
$212,620
*Working Notes:
Cost of goods available = Beginning inventory + Purchase
$144,800 + $511,200
$656,000
Gross profit = Sales * Gross profit margin
$633,400 * 30%
$190,020
Estimated cost of goods sold   = Sales - Gross profit
$633,400 - $190,020
$443,380
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