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Estimate the amount of purchase inventory destroyed

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Question - A fire completely destroyed all the inventory of Glisan lumberyard on August 5 20 fortunately, the account records were not destroyed in the fire. The following information is provided by glass in a lumberyard for the time. January 1 through August 5:

Beginning inventory January 1, 20th 94,000

Net purchases January 1 through August 5 421,000

Net sales January 1 through August 5 738,000

Normal gross profit as a percentage of sales 45%

Required - Estimate the amount of purchase inventory destroyed in the fire on August 5 using the gross profit method.

Reference no: EM132927914

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