Module 06: Quiz Prac!ce Results for Anthony Nolen!Correct answers are hidden.Submitted Sep 23 at 3:16am0 / 20 ptsQuestion 1IncorrectIncorrectKaren’s clothing store was burglarized on April 19, 20X1. The inventory thatwas not stolen was destroyed. She did not keep a perpetual inventorysystem and did not know the value of her inventory to report to the insurancecompany. Beginning inventory was $15,000. She had purchases of $24,000and sales of $34,500 from April 1through April 19. Her gross profit marginis 35% of total sales. Karen could estimate that her ending inventory on April19was ________.thstthth$4,500 $16,575 $25,500 $26,925
20 / 20 ptsQuestion 2The cost of goods sold for the period could be estimated by ________.