Homework Answers
Gross profit = $950,000 * 35% = $332,500
Cost of goods sold = $950,000 - $332,500 = $617,500
Beginning inventory + net purchases - ending inventory = cost of goods sold
$110,000 + $600,000 - ending inventory = $617,500
Ending inventory = $92,500
The ending inventory on 31st December 2017 shall be the beginning inventory on 1st January 2018 which was destroyed by fire.
Hence, the cost of the inventory destroyed is $92,500
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