figuring the gross profit method

eBook Calculator Print Item Gross Profit Method The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records Jan. 1 Jan. 1-Dec. 13 Merchandise inventory Purchases (net) Sales (net) Estimated gross profit rate $304,000 2,036,000 3,200,000 35% Estimate the cost of the merchandise destroyed. Cost of the Merchandise Destroyed Estimated cost of merchandise sold Estimated gross profit Merchandise inventory, January 1 Less purchases (net), January 1 December 31 Estimated cost of merchandise sold Estimated merchandise inventory, December 31 Check My Work 2 more Check Mby Workuses 2 more Check My Work uses remaining Save ar