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Estimate the value of the destroyed inventory

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Question - A company's store was destroyed by an earthquake on February 10 of the current year. The only information for the current period that could be salvaged included the following:

Beginning inventory, January 1: $44,000

Purchases to date: $198,000

Sales to date: $310,000

Historically, the company's gross profit ratio has been 30%. Estimate the value of the destroyed inventory using the gross profit method.

Reference no: EM133079618

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