Up to the date of a fire that completely destroyed Clark's inventory,Clark had sales of $4,000,000,purchases of $3,600,000,and freight-in of $160,000.The cost of beginning inventory was $280,000 and the company's typical gross profit was 40 percent.Using the gross profit method,estimate Clark's inventory loss from the fire.(Show your work.)

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The Answer of Up to the date of a fire that completely destroyed Clark's inventory,Clark had sales of $4,000,000,purchases of $3,600,000,and freight-in of $160,000.The cost of beginning inventory was $280,000 and the company's typical gross profit was 40 percent.Using the gross profit method,estimate Clark's inventory loss from the fire.(Show your work.)

Up to the Date of a Fire That Completely Destroyed