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On april 15 of the current year a fire destroyed half of

Question - On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. The following data is available:

Sales, January 1 through April 15 $480,000

Inventory, January 1 80,000

Purchases, January 1 through April 15 400,000

Mark up on cost 25%

1. What is the markup on sale?

2. What is the cost of goods sold?

3. What is the amount of the ending inventory before the fire?

4. What is the estimated inventory loss?

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Accounting Basics: On april 15 of the current year a fire destroyed half of

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