On October 31,a flood at Comfort Company's only warehouse caused severe damage to its entire inventory.Based on recent history,Comfort has a gross profit of 40 percent of net sales.The following information is available from Comfort's records for the ten months ended October 31:

A physical inventory disclosed usable damaged goods which Comfort estimates can be sold for $70,000.Using the gross profit method,the estimated cost of goods sold for the ten months ended October 31 should be

Question

On October 31,a flood at Comfort Company's only warehouse caused severe damage to its entire inventory.Based on recent history,Comfort has a gross profit of 40 percent of net sales.The following information is available from Comfort's records for the ten months ended October 31:

A physical inventory disclosed usable damaged goods which Comfort estimates can be sold for $70,000.Using the gross profit method,the estimated cost of goods sold for the ten months ended October 31 should be

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The Answer of On October 31,a flood at Comfort Company's only warehouse caused severe damage to its entire inventory.Based on recent history,Comfort has a gross profit of 40 percent of net sales.The following information is available from Comfort's records for the ten months ended October 31:

A physical inventory disclosed usable damaged goods which Comfort estimates can be sold for $70,000.Using the gross profit method,the estimated cost of goods sold for the ten months ended October 31 should be

On October 31,a Flood at Comfort Company's Only Warehouse Caused