The estimate of the inventory amounts before the fire is as follows:
Total Inventory  $232,845
Lumber     $159,200
Millwork     $54,270 
Hardware   $19,375      
Data and Calculations:
                                        Lumber       Millwork     Hard & Fittings
Gross Markup (%)               25%             30%                 40%
Gross Margin (%)                  20%            23.1%              28.6%
               =                (25%/125%)        (30%/130%)       (40%/140%)
Inventory, Jan. 1         $265,900      $93,470         $45,600
Purchases                  1,544,900       375,100          160,300
Goods available       $1,810,800    $468,570       $205,900
Cost of goods sold    1,651,600       414,300           186,525
Ending inventory     $159,200      $54,270           $19,375      $232,845
<u>Estimating the Cost of Goods Sold:</u>
Sales to Aug. 18       2,064,500      538,590          261,240
Gross profit                  412,900       124,290             74,715
Cost of goods sold  1,651,600      414,300         186,525
Gross profit = Sales x Gross margin
Cost of goods sold = Sales - Gross profit or Sales x (1 - gross margin)
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