Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30, Year 2. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:
Required:Assuming that the gross margin has averaged 35%, what is the estimated value of the inventory destroyed in the fire?

Question

Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30, Year 2. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:
  Required:Assuming that the gross margin has averaged 35%, what is the estimated value of the inventory destroyed in the fire?

Quizplus · Accepted Answer

The Answer of Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30, Year 2. Fortunately, the accounting records were locked in a fireproof safe and were not damaged. The following information for the period up to the date of the fire was taken from the accounting records:
  Required:Assuming that the gross margin has averaged 35%, what is the estimated value of the inventory destroyed in the fire?

Byrne Company Had Its Entire Inventory Destroyed When a Fire