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Q2. On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year...

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Accounting

Q2. On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2018) was $170,000; in the past Felt's gross profit has averaged 30% of selling price. Instructions Compute the estimated cost of inventory burned, and give entries as of December 31, 2018 to close merchandise accounts.

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