A company's store was destroyed by a fire on February 10 of the current year. The only information for the current period that could be salvaged included the following:
Beginning inventory, January 1: $34,000
Purchases to date: $118,000
Sales to date: $140,000
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 a fire on February 10 of the current year. The only information for the current period that could be salvaged included the following:
Beginning inventory, January 1: $34,000
Purchases to date: $118,000
Sales to date: $140,000
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 a Fire on February