A company's store was destroyed by an earthquake on February 10 of the current year.The only information for the current period that could be salvaged included the following: Historically,the company's gross profit ratio has been 30%.Estimate the value of the destroyed inventory using the gross profit method.

Question

A company's store was destroyed by an earthquake on February 10 of the current year.The only information for the current period that could be salvaged included the following:  Historically,the company's gross profit ratio has been 30%.Estimate the value of the destroyed inventory using the gross profit method.

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The Answer of A company's store was destroyed by an earthquake on February 10 of the current year.The only information for the current period that could be salvaged included the following:  Historically,the company's gross profit ratio has been 30%.Estimate the value of the destroyed inventory using the gross profit method.

A Company's Store Was Destroyed by an Earthquake on February