8. A company had a fire destroy all of its inventory but the accounting records allowed the following information to be reconstructed. Beginning Inventory Net Purchases Sales Gross Profit Rate $25,000 $330,000 $510,000 35% Using the gross profit method, what is the amount of inventory destroyed? a. $21,200 c. $178,500 9. b. d. $23,500 $331,500 A company uses the retail inventory method and had the following costs: Beginning Inventory Purchases Sales Cost Retail Price $34,800 $68,100 $253,500 $508,500 $490,000 b. $43,300 d. $288,300 How much is gross profit? a. $28,830 c. $245,000 10. A company uses the retail inventory method and had the following costs: Cost Retail Price Beginning Inventory Purchases Sales $34,800 $68,100 $253,500 $508,500 $490,000 What is the value of ending inventory? a. $28,830 c. $245,000 b. $43,300 d. $288,300