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Calculate the estimated cost of inventory destroyed

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Question - On January 1, Bluenose had inventory valued at $744,000. January purchases were $536,000 and January sales were $1,060,000. On February 1, a fire destroyed most of the inventory. The rate of gross profit was 35% of sales. Merchandise with a selling price of $60,000 remained undamaged after the fire. Using the gross profit method, calculate the estimated cost of inventory destroyed.

Reference no: EM133091553

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