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A storm destroyed Moses Company's factory on December 23, 2018. After the storm, inventory with a value of $360,000 were saved. The below information was
A storm destroyed Moses Company's factory on December 23, 2018. After the storm, inventory with a value of $360,000 were saved. The below information was available from the company's books and records Inventory, 1/1/18 Purchases (as of 12/23/18) Purchases returns and allowances S 1,300,000 1,600,000 80,000 Freight-in 160,000 Sales (as of 12/23/18) 2.490,000 90,000 Sales discounts In addition, Moses Company had a 6-year average of gross profit of $7.000,000 and net sales of $10,000,000 Required: Using the gross profit method, prepare a well-labeled schedule, to calculate Moses Company's inventory loss due to the storm
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