Dooling stores inventory is destroyed by a fire on, Accounting Basics

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Dooling stores inventory is destroyed by a fire on

Question: Dooling Store's inventory is destroyed by a fire on September 5, 2011. The following data for year 2011 are available from the accounting records. Estimate the cost of the inventory destroyed.

Jan. 1 inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . $180,000

Jan. 1 through Sept. 5 purchases (net) . . . . . . . . . $342,000

Jan. 1 through Sept. 5 sales (net) . . . . . . . . . . . . . . $675,000

Year 2011 estimated gross profit rate . . . . . . . . . 42%

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Accounting Basics: Dooling stores inventory is destroyed by a fire on

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