Fishers Fish Store was destroyed in a fire on 12/31. Fishers inventory balance at 12/31was $70,000. During the year purchases totaled $115,000 and sales totaled $82,000. ________________________

Assume Fishers Fish Stores normal gross profit percentage is 40% of cost. Using the gross profit method, what is your estimate of Fishers Fish Stores inventory balance at 12/31/11? Question 18 options:

$135,800

$126,427

$58,573

$49,200