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10 Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of
10 Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records: 8.33 points Fruit Marshmallow Toppings Toppings $ 18,000 $ 6,800 140,000 34,000 190,000 53,000 253 308 Inventory, January 1, 2021 Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio Chocolate Toppings $ 2, 800 11,800 19, 800 353 e Bock Print References Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. Estimated cost of Toppings lost inventory Fruit Marshmallow Chocolate
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