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A flood destroyed a company's warehouse contents on September 12. The following information was the...

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Accounting

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A flood destroyed a company's warehouse contents on September 12. The following information was the only information that was salvagedi 1. Inventory, beginning: $28,500 2. Purchases for the period: $17,500 3. Sales for the period: $55,500 4. Sales returns for the period: $750 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $24.100.00 $13,150.00 $27,600.00 $46,000.00 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory using the gross profit method? Multiple Choice $24,100.00 $13,150.00 $27,600,00 $46,000.00 $45,000.00

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