Over the past three years the gross profit rate for Jini company was 35%. Last week they fire destroyed all Jini's inventory. Using the gross profit method, estimate the cost of inventory destroyed in the fire, given the following facts the were record in a fireproof safe

Beginning inventory:

Net purchase:

Net sales at retail:

Problem 18-27: Estimate The Cost Of Inventory Destroyed at Jini Company.

Goods Available For Sale:

Beginning Inventory ________

Net Purchases_________

Cost Of Goods $ __________

Less:

Net Sales At Retail________

Cost Percentage________ (Enter As Decimal)

*Cost Percentage = 100% - Gross Profit Rate

Estimated Cost of Goods Sold $- __________

Estimated Ending Inventory $-__________