ASSIGNMENT 3: INVENTORIES - ADDITIONAL VALUATION ISSUES INTERMEDIATE ACCOUNTING I (ACC310) SEMESTER 1, 2021-2022 Timber Garments Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Men Section 25% Women Section 30% Kids Section 40% On September 20, a fire destroyed the whole building of the business premises. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain is the following facts from the general ledger, which was kept in a fireproof vault and escaped destruction. Men Women Kids $90,000 Inventory, Jan. 1, 2021 $250,000 $45,000 150,000 375,000 Purchases to Sept 20, 2021 160,000 Sales to Sept 20, 2021 400,000 533,000 245,000 REQUIRED: Submit your estimate of the inventory amounts immediately preceding the fire