Gross profit method
On April 30,Greenfield Sales,Inc.lost its entire inventory in a flood.The following information is available from the company's accounting records,which were recovered from the waterproof safe: The gross profit of Greenfield Sales,Inc.over the past several years has consistently averaged 35% of net sales.Using the gross profit method,estimate the cost of the inventory lost in the flood on April 30.

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Gross profit method
On April 30,Greenfield Sales,Inc.lost its entire inventory in a flood.The following information is available from the company's accounting records,which were recovered from the waterproof safe:  The gross profit of Greenfield Sales,Inc.over the past several years has consistently averaged 35% of net sales.Using the gross profit method,estimate the cost of the inventory lost in the flood on April 30.

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The Answer of Gross profit method
On April 30,Greenfield Sales,Inc.lost its entire inventory in a flood.The following information is available from the company's accounting records,which were recovered from the waterproof safe:  The gross profit of Greenfield Sales,Inc.over the past several years has consistently averaged 35% of net sales.Using the gross profit method,estimate the cost of the inventory lost in the flood on April 30.

Gross Profit Method On April 30,Greenfield Sales,Inc.lost Its Entire Inventory in a Flood.The