Up to the date of a fire that completely destroyed Singer's inventory, Singer had sales of $2,000,000, purchases of $1,800,000, and freight-in of $80,000. The cost of beginning inventory was $140,000 and the company's typical gross profit was 40 percent. Using the gross profit method, estimate Singer'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 Singer's inventory, Singer had sales of $2,000,000, purchases of $1,800,000, and freight-in of $80,000. The cost of beginning inventory was $140,000 and the company's typical gross profit was 40 percent. Using the gross profit method, estimate Singer's inventory loss from the fire. (Show your work.)

Up to the Date of a Fire That Completely Destroyed