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Leon Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $41,400. Purchases
Leon Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $41,400. Purchases since January 1 were $66,900; freight-in, $3,400; purchase returns and allowances, $2,600. Sales are made at 33 1/3% above cost and totaled $101,300 to March 9, Goods costing $10,400 were left undamaged by the fire; remaining goods were destroyed. Compute the cost of goods destroyed. (Round gross profit percentage and final answer to 0 decimal places, eg, 15% 125.) Cost of goods destroyed LINK TO TEXT Compute the cost of goods destroyed, assuming that the gross profit is 33 1/3% of sales. (Round ratios for computational purposes to 5 decimal places, e.g. 78.72345% and final answer to 0 decimal places, e.g. 28,987. Cost of goods destroyed
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