4.LO 6.5: Beerba loses inventory to a fire. Beerbo uses the periodic inventory system and the COGS model to determine its COGS for the fiscal year. At the end of 2021, Reebo's warehouse caught on fire...

4.LO 6.5: Beerba loses inventory to a fire. Beerbo uses the periodic inventory system and the COGS model to determine its COGS for the fiscal year. At the end of 2021, Reebo's warehouse caught on fire and Beerba lost all of its year-end inventory. As a result, Beerbo was unable to conduct a physical count to determine its 2021 COGS. Use the following information (and the chart below) to estimate Beerka's 2021 year-end inventory: ► 2021 beginning inventory $275 2021 inventory purchases $1,850 ► 2021 net sales revenue $2,600 → Standard gross profit percentage 40% Beginning inventory $ Purchases Goods available $ Ending inventory Revenue $ Cost of goods sold $ Cost of goods sold Gross profit $ %