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Compute the inventory destroyed by fire

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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%

Problem 1: Compute the following:

1.a. Cost of good sold
1.b. Inventory destroyed by fire

Reference no: EM132906755

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