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Johns warehouse was destroyed in a fire on May 12. The only records that could be salvaged were as follows: Inventory May 1. $2,500 Purchases
Johns warehouse was destroyed in a fire on May 12. The only records that could be salvaged were as follows: Inventory May 1. $2,500 Purchases May 1-11. 8,000 Sales May 1-11. 9,000 Johns average gross profit was 30%. Required: Find the estimated cost of the May 12 inventory that was destroyed.
Inventory May 1. $2,500
Purchases May 1-11. 8,000
Sales May 1-11. 9,000
Johns average gross profit was 30%.
Required: Find the estimated cost of the May 12 inventory that was destroyed.
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