Blue corporation’s april 30 inventory was destroyed by fire. january 1 inventory was $155,000, and purchases for january through april totaled $467,300. sales revenue for the same period was $684,500. blue’s normal gross profit percentage is 25% on sales. using the gross profit method, estimate blue’s april 30 inventory that was destroyed by fire. estimated ending inventory destroyed in fire __ $.

Ending inventory will be $108925

Explanation:

We have to find the estimated ending inventory

It is given by

Estimated ending inventory = Cost of Goods available for sale - Cost of Goods Sold

Cost of Goods available for sale = $155,000+$467,300 = $622,300

Cost of Goods Sold = Sales - Gross profit =

So ending inventory = $622300 - $513375 = $108925

So ending inventory will be $108925

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