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Find what is the approximate value of the inventory

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Reference no: EM132703000

Problem 1: On October 31, a flood destroyed the building of Wasp's including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $460,000. Since June 30 until the time of the flood, the company made purchases of $270,000 and had sales of $625,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed?

Reference no: EM132703000

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