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Problem
On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales were $90,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $7,500 remained undamaged after the fire. Compute a) the estimate of total inventory at cost, and b) the amount of the fire loss, assuming the store had no insurance coverage. Label all figures. Use a separate sheet of paper or Excel.
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