Using the gross profit method estimate the amount of, Accounting Basics

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Using the gross profit method estimate the amount of

Swifty Inc.'s April 30 inventory was destroyed by the explosion of an underground oil tank. January 1 inventory was $328,000 and purchases for January through April totalled $790,000. Sales for the same period were $1.1 million. Swiftys' normal gross profit percentage is 30%.

Using the gross profit method, estimate the amount of Swiftys' April 30 inventory that was destroyed.

Estimated ending inventory destroyed in explosion $

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