EX 7-22 Gross profit inventory method
The merchandise inventory was destroyed by fire on December 13. The following were obtained from the accounting records:
| Jan. 1 | Merchandise inventory | $ 500,000 |
| Jan. 1–Dec. 13 | Purchases (net) | 4,280,000 |
| Sales (net) | 6,500,000 | |
| Estimated gross profi t rate | 36% |
a. Estimate the cost of the merchandise destroyed.
b. Briefly describe the situations in which the gross profit method is useful.
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