09 QS 5-26B (Static) Estimating inventories-gross profit method LO P4 Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 January 1 through September 5 purchases (net) January 1 through September 5 sales (net) Current year's estimated gross profit rate Estimate the cost of the inventory destroyed. $ 190,000 $ 352,000 $685,000 44 Beginning inventory Estimated September 5 inventory destroyed i $ 190,000 Exercise 5-20B (Static) Estimating ending inventory-retail method LO P4 Dakota Company had net sales (at retail) of $260,000. Beginning inventory Cost of goods purchased, At Cost $ 63,800 115,060 At Retail $ 129,400 196,800 The above additional information is available from its records. Use the retail inventory method to estimate Dakota's year-end inventory at cost. (Round cost ratio to the nearest whole percentage.) At Cost Cost-to-Retail Ratio At Retail Beginning inventory $ 63,800 $ 128,400 Cost of goods purchased 115,060 196,800 $ 178,860 $ 325,200 Net sales at retail