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Compute the amount of the inventory loss

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Reference no: EM132532023

Question - On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:

Sales, January 1 through April 15 $561000

Inventory, January 18 7000

Purchases, January 1 through April 15 467500

Markup on cost 20%

Required - Compute the amount of the inventory loss?

Reference no: EM132532023

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