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Estimated merchandise inventory destroyed

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Question - On February 7 of the following year, the merchandise inventory was destroyed by fire. Based on the following data obtained from the accounting records, estimate the cost of the merchandise destroyed:

Jan. 1 Merchandise inventory $144,200

Jan. 1-Feb. 7 Purchases (net) 40,000

Jan. 1-Feb. 7 Sales (net) 70,000

Estimated gross profit rate 40%

Required - Estimated merchandise inventory destroyed.

Reference no: EM132604612

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