For reference the types of accounts that can be used for the boxes on the left side next to lumber in millwork are-

Sales, purchases, cost of goods available for sales, cost of goods sold, estimated cost of goods sold, merchandise inventory, operating expenses, gross profit, net income, beginning inventory, and estimated inventory cost before the fire.

Problem 4 - Estimating Inventory using the Gross Profit Method Required: Nordman Lumber Company handles two principal lines of mechandise with the associated gross profit shown below: On August 25, a fire destroyed the office and a considerable portion of the lumber and millwork inventory stacked in the yard. To file a loss for insurance purposes, the company must know what the inventories were immediately preceeding the fire. No detail or perpetual inventory records were available after the fire except the following general ledger information which was kept in a fireproof vault. Using the gross profit method for estimating inventory, determine the amount of inventory for both lumber and millwork that was on hand just before the fire. Note: Enter all amounts as positive amounts