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7. Jackie Corp had $1,000,000 of inventory at December 31,2024 , with purchases of $300,000 in 2025 and sales of $700,000 in 2020. Jackie Corp

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7. Jackie Corp had $1,000,000 of inventory at December 31,2024 , with purchases of $300,000 in 2025 and sales of $700,000 in 2020. Jackie Corp lost all but $100,000 of inventories due to a hurricane in 2025. Using the gross profit method, calculate ending inventory independently using the following assumptions: 1. Jackie's gross margin was 30% 2. Jackie mark up on cost was 20%

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