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Estimate the cost of inventory destroyed

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Reference no: EM131000294

On September 22, 2011, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system:

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Required:

Estimate the cost of inventory destroyed in the flood using the gross profit method.

Reference no: EM131000294

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