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Waterway Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,900, and purchases for January through April totaled $462,200. Sales revenue for the same period was $752,700. Waterway's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Waterway's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $

Waterway Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,900, and purchases for January through April totaled $462,200. Sales revenue for the same period was $752,700. Waterway's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Waterway's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Waterway Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,900, and purchases for January through April totaled $462,200. Sales revenue for the same period was $752,700. Waterway's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Waterway's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire
Transcribed Image Text:Waterway Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,900, and purchases for January through April totaled $462,200. Sales revenue for the same period was $752,700. Waterway's normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Waterway's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire
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