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2 Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of
2 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: 5 points eBook Fruit Marshmallow Chocolate Toppings Toppings Toppings Inventory $ 27,000 January 1, 2021 $ 7,700 $ 3,700 Net purchases 185,000 43,000 12,700 through Nov. 17 Net sales through Nov. 17 235,000 62,000 20,700 Historical gross 15% 30% 30% profit ratio Print Reference Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. Estimated cost of lost inventory Toppings Fruit Marshmallow Chocolate
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