Question & Answer: warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicate…..

I need help please with 6,7and 8

Chapter 9 Hw Question 6 (of 17) 6. value: 10.00 points A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicated the following: $2,060,000 5,960,000 560,000 9,800,000 Merchandise inventory, January 1, 2016 Purchases to date Freight-in Sales to date The gross profit ratio has averaged 25% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire. F4 4