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Fosbre Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $156,000, and purchases for January through April totaled $468,200. Sales revenue for the same period were $718,800. Fosbre's normal gross profit percentage is 35% on sales.Using the gross profit method, estimate Fosbre's April 30 inventory that was destroyed by fire.

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Answer:

Total inventory lost= $156,980

Explanation:

Giving the following information:

January 1 inventory was $156,000, and purchases for January through April totaled $468,200. Sales revenue for the same period was $718,800. Fosbre's normal gross profit percentage is 35% on sales.

COGS=718,800*0.65= 467,220

Total inventory for sale= 156,000 + 468,200= 624,200

Total inventory lost= 624,200 - 467,220= 156,980

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