HW 6 # 5

Greemville Company, a camera store, lost some inventory in a fire on August 15 . To fle an insurance claim, the company must estimate its August 15 inventory using the gross profit method. For the past two years, Greenville Company's gross profit has averaged 40% of net sales, Its inventory records reveal the following data: (Click the icon to view the data.) Resd the requirements -and....- Entimnta tha met nf the lnct inventorv usina the gross profit method. ent 1. Estimate the cost of the lost inventory using the gross profit method. Data table Requirements 1. Estimate the cost of the lost inventory using the gross profit method. 2. Prepare the income statement for August 1 to August 15 for this product through gross profit. Show the detailed computations of cost of goods sold in a separate schedule