McGriff requires an estimate of the cost of goods lost by fire on March
Merchandise on hand on January was $
Purchases since January were $freightin $
purchase returns and allowances, $ Sales are made at
above cost and totaled to March Goods costing $
were left undamaged by the fire; remaining goods were destroyed.
Instructions
a Compute the cost of goods destroyed.
b Compute the cost of goods destroyed, assuming that the gross profit is
of sales.
