Confucius Bookstores inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, January 1 $230,000

January 1 through September 5 purchases (net) $ 342,000

January 1 through September 5 sales (net) $ 684,000

Current year's estimated gross profit rate 39%

Estimate the cost of the inventory destroyed.

Answer

Beginning inventory $230,000

Net cost of goods purchased $342,000

Cost of goods available for sale $572,000

Estimated cost of goods sold ????

Estimated September 5 inventory destroyed ?????