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How do estimate the cost of the inventory lost in the fire

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Problem 1: Suppose Alpine Sportswear suffered a fire loss and needs to estimate the cost of the goods destroyed. Beginning inventory was $110,000 net purchases totaled $660,000, and sales came to $1,100,000. Alpine's normal gross margin percentage is 51%. Use the gross margin method to estimate the cost of the inventory lost in the fire.

a. $539,000
b. $231,000
c. $770,000
d. $561,000

Reference no: EM132731160

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