On June 12, a hurricane destroyed the warehouse of Aquatic Supplies. Using the g

On June 12, a hurricane destroyed the warehouse of Aquatic Supplies. Using the gross profit method, determine the ending inventory loss based on the data given. Inventory January 1) 2,365,000 Cash sales Jan 1- Jun 12) 1,320,000 Collection of A/R Jan 1- Jun) 12 632,000 A/R Jan 1) 824,000 A/R Jun 12) 902,000 Payments on A/P Jan 1- Jun 12) 1,290,000 A/P Jan 1) 519,000 A/P Jun 12) 629,000 Salvage Value of Inventory) 265,000 Gross profit 30%