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Select information for Brewers Corp.'s inventory was available as follows for calendar 2020:
Sales $750,000
Net purchases 360,000
Beginning inventory 225,000
Brewers' gross profit on sales was 45% last year, its first year of operations. A fire on December 31, 2020, destroyed the entire inventory.
Instructions
Problem a) Using the gross profit method, calculate the estimated cost of the inventory destroyed in the fire.
Problem b) Prepare entries on December 31, 2020, to close the inventory accounts.
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