A fire destroyed all ABC's merchandise inventory on October 1.

On January 1 the balance in inventory was: 2204.

From January 1-October 1

sales were 13224

purchases were 11108.16

the mark up on cost was 34%

The gross profit margin is (as %, e.g. 34.23% would entered as 34.23): Answer

Estimated COGS of inventory destroyed is: Answer

Estimated inventory destroyed: Answer

2.

Beginning inventory has an error of 7. Purchases have an error of -9. Ending inventory has an error of 29. The effect of these combined errors on COGS is:

Answer: