Problem

(L.OBJ. 7) Estimating ending Inventory by the gross profit method [10—15 min] All Makes...

(L.OBJ. 7) Estimating ending Inventory by the gross profit method [10—15 min]

All Makes Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following:

Suppose this inventory, stored in the United States, was lost in a fire.

Requirement

1. Estimate the amount of the loss to All Makes Auto Parts. Use the gross profit method.

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