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What is the estimated cost of the lost inventory

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Reference no: EM133058019

Question - A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged:

Inventory, beginning: $28,000

Purchases for the period: $17,000

Sales for the period: $55,000

Sales returns for the period: $700

The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?

Reference no: EM133058019

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