Brief Exercise 9-9

Metlock Corporations April 30 inventory was destroyed by fire. January 1 inventory was $157,800, and purchases for January through April totaled $544,900. Sales revenue for the same period were $711,600. Metlocks normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Metlocks April 30 inventory that was destroyed by fire.

Estimated ending inventory destroyed in fire

$