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Flint Inc.'s April 30 inventory was destroyed by the explosion of an underground oil tank. January 1 inventory was $325,000 and purchases for January
Flint Inc.'s April 30 inventory was destroyed by the explosion of an underground oil tank. January 1 inventory was $325,000 and purchases for January through April totalled $799,000. Sales for the same period were $1.2 million. Flints' normal gross profit percentage is 30%. Using the gross profit method, estimate the amount of Flints' April 30 inventory that was destroyed. Estimated ending inventory destroyed in explosion $
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