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WORD KEY

• Estimated cost of goods sold
• Estimated inventory, December 31
• Inventory, January 1
• Merchandise available for sale
• Sales, January 1-December 31
• Estimated Gross Profit
• Purchases (net), January 1-December 31

• Retail Method
• Gross Profit Method
• FIFO
• LIFO

Gross Profit Method The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: $350,000 Jan. 1 Inventory Purchases (net) Jan. 1 Dec. 31 2,950,000 Sales 4,440,000 Estimated gross profit rate 35% a. Estimate the cost of the inventory destroyed. Estimated Cost of Merchandise Destroyed Estimated inventory, December 31 350,000 Purchases (net), January 1-December 31 295,000 Merchandise available for sale Estimated cost of goods sold 3,300,000 0 Sales, January 1-December 31 4,440,000 Estimated gross profit Estimated inventory, December 31 b. Which method is used to estimate inventory cost in case of inventory destroyed by fire