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Calculate the value of the destroyed ending inventory

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Question - Backstreet Company wants to estimate inventory destroyed by ?ood. Its average gross profit percentage is 30%. The following information is available:

Beginning inventory $223,580

Purchases 660,425

Purchases returns and allowances 8,740

Transportation-in 6,725

Sales 1,035,950

Sales returns and allowances 47,760

Required - Calculate the value of the destroyed ending inventory using the gross pro?t method. Round numbers to the nearest dollar, if necessary.

Reference no: EM132537231

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