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Sunrise Corporation lost an entire warehouse due to a fire on November 5, 2021. The...

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Accounting

Sunrise Corporation lost an entire warehouse due to a fire on November 5, 2021. The company has the following data related to its inventory:

  • Inventory on January 1, 2021 = $489,000
  • Net sales from January 1-November 5, 2021 = $1,032,000
  • Net purchases from January 1-November 5, 2021 = $705,000

The company consistently reports a 25% gross profit ratio. Using the gross profit method, Sunrise Corporations estimated ending inventory on November 5, 2021 is

Group of answer choices

$420,000.

$774,000.

$489,000.

$895,500.

Answer & Explanation Solved by verified expert
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