# On October 31, a flood at Payne Company’s only warehouse caused severe damage to its entire inventory

###### Question:

On October 31, a flood at Payne Company’s only warehouse caused severe damage
to its entire inventory. Based on recent history, Payne has a gross profit of 25 percent of
net sales. The following information is available from Payne’s records for the 10 months
ended October 31.
Inventory, January 1 $520,000 Purchases 4,120,000 Purchase returns 60,000 Sales 5,600,000 Sales discounts 400,000 A physical inventory disclosed usable damaged goods that Payne estimates it can sell for$70,000. Using the gross profit method, the estimated cost of goods sold for the
10 months ended October 31 should be
A. $680,000. C.$3,900,000.
B. $3,830,000. D.$4,200,000.

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