All Make Sounds sells and installs audio equipment. During a recent fire that oc

Question

All Make Sounds sells and installs audio equipment. During a recent fire that occurred at its warehouse, All Make Sounds' entire inventory was destroyed. All Make Sounds' accounting records reflect the following information. ? (Click the icon to view the accounting records.) Requirement 1. Use the gross profit method to estimate the amount of All Make Sounds' inventory loss. Data Table Begin by calculating the cost of goods available and then compute the estimated cost of the inventory loss Beginning inventory .52,000 Net purchases 271,200 Cost of goods available Gross profit rate 45% Print Done

Explanation / Answer

Working:

Cost of inventory loss is $       1,01,000

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