Coronado corporation’s april 30 inventory was destroyed by fire. january 1 inventory was $157,000, and purchases for january through april totaled $502,900. sales revenue for the same period was $649,300. coronado’s normal gross profit percentage is 35% on sales. using the gross profit method, estimate coronado’s april 30 inventory that was destroyed by fire.

$237,855

Explanation:

Opening inventory = $157,000

Purchases = $502,900

Sales revenue = $649,300

gross profit = 35% of sales

                   = 35% × $649,300

                   = $227,255

cost of goods sold = $649,300 - $227,255

                               = $422,045

Opening inventory + purchases - cost of goods sold = closing inventory

$157,000 + $502,900 - $422,045 = closing inventory

closing inventory = $237,855

An estimate of Coronado’s April 30 inventory that was destroyed by fire is $237,855

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