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Estimate cost of inventory burned

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Question - On December 31, 2021 Cullumber Company's inventory burned. Sales and purchases for the year had been $1,490,000 and $960,000, respectively. The beginning inventory (Jan. 1, 2021) was $181,000; in the past Cullumber's gross profit has averaged 30% of selling price.

Estimate cost of inventory burned.

What would the entries be as of December 31, 2021 to close merchandise accounts?

Reference no: EM132431746

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