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Business, 02.03.2020 18:08 kenzie19169

A flood destroyed a company’s warehouse contents on September 12. The following information was the only information that was salvaged: Inventory, beginning: $29,900 Purchases for the period: $18,900 Sales for the period: $56,900 Sales returns for the period: $890 The company's average gross profit ratio is 21%. What is the estimated cost of the lost inventory using the gross profit method?

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A flood destroyed a company’s warehouse contents on September 12. The following information was the...
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