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What is the estimated cost of the destroyed inventory

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Zoey Company sold merchandise at a gross profit of 30%. On April 30, the entire inventory was destroyed by fire. The entity provided the following information for the six months ended April 30:

Net Sales $ 8,000,000

Beginning inventory 2,000,000

Net purchases 5,200,000

Problem 1: What is the estimated cost of the destroyed inventory?

Reference no: EM132727230

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