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help!! smith distributors inc. Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes On November 17, 2021, a fire resulted in
help!! smith distributors inc. Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records Inventory, January 1, 2021 Net purchases through Nov. 17 Net sales through Nov. 17 Historical gross profit ratio Fruit Marshmallow Chocolate Toppings Toppings Toppings $ 28,000 $ 7,800 $ 3,800 190,000 44,000 12,800 240,000 63,000 20, 800 15% 25% 30% Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. ces Estimated cost of lost inventory Toppings Fruit Marshmallow Chocolate
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