Kauai Stores

Kauai Store's inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Jan. 1 inventory Jan. 1 through Sept 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Year 2013 estimated gross profit rate $190,000 $352,000 $685,000 44% Estimate the cost of the inventory destroyed Beginning inventory 190,000 Estimated September 5 inventory destroyed Reference