# *P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020....

###### Question:

*P6.10 (LO6) Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting re- cords showed the following gross profit data for February and March. Estimate inventory loss using gross profit method March ba be Net sales Net purchases Freight-in Beginning inventory Ending inventory February €300,000 197,800 2.900 4,500 25,200 (to 3/25) €260,000 191.000 4.000 25,200 Lisbon is fully insured for fire losses but must prepare a report for the insurance company a. Gross profit rate 4096 Instructions a. Compute the gross profit rate for the month of February b. Using the gross profit rate for February, determine both the estimated total inventory and inventory lost in the fire in March

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