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Calculate the cost of inventory destroyed by fire

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Reference no: EM132606430

Question - On January 13 2005 Peploski Shoes was destroyed by fire. Luckily the accounting records were stored in a separate location and the company was able to reconstruct the following information:

Inventory at Jan 1/05 $150,000.00

Sales from Jan 1-Jan 13 $80,000.00,

Purchases from Jan 1 to Jan 13 $50,000.00,

Gross profit percentage on sales 22%.

Required - Calculate the cost of inventory destroyed by fire.

Reference no: EM132606430

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