Estimating Inventory Using Gross Prot Method

Lin Co. sells its merchandise at a gross prot of 30% on sales. The following amounts pertain to Lins operations for the six months ended June 30. On June 30, Lins inventory was destroyed by re.

Estimate the cost of this destroyed inventory.

Estimating Inventory Using Gross Profit Method Lin Co. sells its merchandise at a gross profit of 30% on sales. The fo destroyed by fire. Estimate the cost of this destroyed inventory. - Note: Do not use negative signs with your answers