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A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof...

A substantial portion of inventory owned by Prentiss Sporting Goods was recently destroyed when the roof collapsed during a rainstorm. Prentiss also lost some of its accounting records. Prentiss must estimate the loss from the storm for insurance reporting and financial statement purposes. Prentiss uses the periodic inventory system. The following accounting information was recovered from the damaged records:

Beginning inventory $ 201,400
Purchases to date of storm 396,600
Sales to date of storm 603,100


The value of undamaged inventory counted was $82,358. Historically, Prentiss’s gross margin percentage has been approximately 18 percent of sales.

Required
Estimate the following:

a. Gross margin in dollars.

b. Cost of goods sold in dollars.

c. Ending inventory.

d. Amount of lost inventory.

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