Fosbre Corporation”s April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and…

Fosbre Corporation"s April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and purchases for January through April totaled $500,000. Sales for the same period were $700,000. Fosbre"s normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Fosbre"s April 30 inventory that was destroyed by fire.

 

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