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Coronado Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $157,000, and purchases for January through April totaled $502,900. Sales revenue for
Coronado Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $157,000, and purchases for January through April totaled $502,900. Sales revenue for the same period was $649,300. Coronado's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Coronado's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $
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