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Compute the cost of goods sold and inventory destroyed

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Question - On September 30, 20x1, a fire destroyed the warehouse of Refresh Co. All of its inventories were contained in that warehouse. Available records from the system showed the following information.

Inventory, January 1 29,000

Net purchases 150,000

Net sales from January to September 192,000

Gross profit rate based on cost 20%

Required - Compute the cost of goods sold and inventory destroyed by fire?

Reference no: EM133020423

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