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Count the amount loss due to fire

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Question - As of January 1, SHINE had $288,000 in inventory. In January purchases of $276,000 and sales of $540,000. On February 1st there was a fire and destroy the existing inventory on that date. The level of gross profit is 25% of the cost. Inventory with a selling price of $30,000 was not damaged in the fire. Count the amount loss due to fire.

Reference no: EM133101111

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