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AC 550Project 2Part 1 Gross Profit MethodHorton, Inc. suffered an inventory loss due to a flood. The following information is available to you.Beginning inventory $100,000Net purchase 400,000Sales 400,000Inventory salvaged from flood 50,000InstructionsUse the gross profit method for estimating inventory to determine the loss due to the flood, assuming (a) gross profit is 25% of sales, and (b) gross profit is 25% of the cost of goods sold.Part 2 Retail Inventory Method The records of Greene Company report the following data for the month of April.Sales $204,000 Purchases (at cost) $ 96,000Sales returns 4,000 Purchases (at sales price) 176,000Additional markups 20,000 Purchase returns (at cost) 4,000Markup cancellations 3,000 Purchase returns (at sales price) 6,000Markdowns 18,600 Beginning inventory (at cost) 60,000Markdown cancellations 5,600 Beginning inventory (at sales price) 93,000Freight on purchases 2,000InstructionsCompute the ending inventory by the conventional retail inventory method.

ASSIGNMENT CODE:7695233AC 550Project 2Part 1 Gross Profit MethodHorton, Inc. suffered an inventory loss due to a flood. The following information is available to you.Beginning inventory…

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