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The Cotton Mill is a trader in Australian linen. On January 31, 2012 a fire...

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Accounting

The Cotton Mill is a trader in Australian linen. On January 31, 2012 a fire destroyed

some of a sole traders inventory and its inventory records. The following information is

available:

$

Inventory January 1 320,000

Sales for January 620,000

Purchases for January 406,000

Inventory in good condition at January 31 215,000

Standard gross profit percentage on sales is 25%

Based on the information, what is the value of inventory lost?

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