The Pistons Company had its entire inventory destroyed when a fire swept through the company's warehouse.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:
(1)Assuming that the gross profit has averaged 28 percent of selling price,what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.
(2)Assuming that the markup percentage on cost is 36 percent,what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.
Definitions:
Kangaroo Care
A method of holding a baby involving skin-to-skin contact, typically used to help premature infants regulate body temperature and develop stronger bonds with their parents.
Cognitive Impairment
A decline in memory, decision-making ability, learning capacity, and other cognitive functions that may impact daily life.
Adolescence
A developmental phase following childhood, characterized by physical, psychological, and social changes, typically occurring between ages 10 and 19.
Mental Age
A measure of an individual's cognitive ability compared to the average cognitive ability of an age group, irrespective of the person's chronological age.
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