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What is the estimated cost of inventory lost in the fire

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Question - Crane Company reported the following information for November and December 2020.

 

November

December

Cost of goods purchased

$538,000

$614,000

Inventory, beginning-of-month

126,000

161,910

Inventory, end-of-month

161,910

?

Sales revenue

851,000

1,000,000

The gross profit rate for November: 41%.

Required - Using the gross profit rate for November, what is the estimated cost of inventory lost in the fire?

Reference no: EM132733065

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