Harrison's supply co. suffered a fire loss on april 20, 2013. the company's last physical inventory was taken january 30, 2013, at which time the inventory totaled $220,000. sales from january 30 to april 20 were $600,000 and purchases during that time were $450,000. harrison's consistently reports a 30% gross profit. the estimated inventory loss is: a. $490,000. b. $238,000. c. $250,000. d. none of these

c. $250,000

Explanation:

The computation of the estimated inventory loss is shown below:

= Total amount of inventory + purchase made during the year - costs of goods sold

= $220,000 + 450,000 - $420,000

= $670,000 - $420,000

= $250,000

The cost of goods would be

= Sales - sales × gross profit margin

= $600,000 - $600,000 × 30%

= $600,000 - $180,000

= $420,000

the correct answer is:

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