David Patel was at home when he received a call from the fire department telling him his store had burned. His business was a total loss. The insurance company asked him to prove his inventory loss. For the year, until the date of the fire, Patel's company had sales of $450,000 and purchases of $280,000. Freight-in amounted to $13,700, and beginning inventory was $45,000. Patel always priced his goods to achieve a gross margin of 40 percent. Compute patel's estimated inventory loss.

Drex Montanez, a previously employed individual finally decided to put up his own business somewhat in year 2021. During this time of pandemic, he decided to do some trading of pizza oven and pizza board. The following are transactions in April 2021: April 4                   The following assets were invested in business by Drex: Cash -10,000; Supplies 1,250; Office Equipment- 7,500; Furniture 1,250.    April 4                   Paid three months advance rental to Ninang Lessor for 1,500 per month. April 4                   Paid Casualty insurance PRU UK amounting to 1,800. April 6                   Received cash from GTZ Enterprise on sale of merchandise for 3,000. April 7                   Purchase additional furniture on account from Crizfat Furniture amounting to 1,800. April 8                   Cash Sales from walk in client amounting to 800 April 11                 Paid Cash advertisement to Bulgar Newspaper amounting to 120. April 12                 Paid debt amounting to 800…

Riverbed Inc.’s April 30 inventory was destroyed by the explosion of an underground oil tank. January 1 inventory was $322,000 and purchases for January through April totalled $790,000. Sales for the same period were $1.2 million. Riverbed 's normal gross profit percentage is 30%.Using the gross profit method, estimate the amount of Riverbed 's April 30 inventory that was destroyed. Estimated ending inventory destroyed in explosion $enter a dollar amount of the ending inventory

In 2022​, Sargent Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $300. It made purchases of $5,640 but returned $80 worth of merchandise. Sales prior to the ice storm were $9,400. Sargent must use the gross profit method to determine inventory on hand on the date of the casualty. The following is an excerpt of its income statement for the last three years.     2019 2020 2021 Net Sales $5,000 $6,000 $9,000 Cost of Goods Sold 2,150 2,340 3,312 General and Administrative Expense 500 600 900 Depreciation Expense 125 200 325 Operating Income $2,225 $2,860 $4,463   Requirement. Assume that Sargent uses the most recent three years of net sales and cost of goods sold to determine its historical gross profit. What are estimated cost of goods​ sold, estimated gross​ profit, and estimated ending​…