What was the estimated cost of this destroyed inventory, Accounting Basics

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What was the estimated cost of this destroyed inventory

Lin Co. sells its merchandise at a gross profit of 30%. The following figures are among those pertaining to Lin's operations for the 6 months ended June 30, 2005:
Sales $200,000
Beginning inventory 50,000
Purchases 130,000

On June 30, 2005, all of Lin's inventory was destroyed by fire. what was the estimated cost of this destroyed inventory ?

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Accounting Basics: What was the estimated cost of this destroyed inventory

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Accounting Basics: What was the estimated cost of this destroyed inventory

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Recent Questions Asked Accounting Basics

Q : What is the annual breakeven point volume

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Accounting Basics: What was the estimated cost of this destroyed inventory

Reference No:- TGS053481

Recent Questions Asked Accounting Basics

Q : What is the annual breakeven point volume

Q : How much was the gross margin

Q : Find price elasticity of demand for us imports

Q : What was the cost of goods sold for 2005

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Q : Write methods of redistribution as ways of addressing goals

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Q : What should be the correct balance of cash at march

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