The Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30,2016.Fortunately,the accounting records were locked in a fireproof safe and were not damaged.The following information for the period up to the date of the fire was taken from the accounting records:
Required: Assuming that the gross margin has averaged 35 percent of selling price,what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.
Definitions:
Small Claims Court
A special court designed to resolve disputes involving relatively small amounts of money, with simplified procedures and without the need for attorneys.
Highest Appellate Court
The top court in a jurisdiction's court system with the ultimate authority to hear appeals in legal cases.
Court of Appeals
A higher court that reviews the decisions of lower courts to ensure the correct application of law.
New York
A state in the northeastern United States, known for its significant cultural, financial, and media impact globally, with New York City as its largest city.
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