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Business, 30.05.2020 16:59 lamontcarter
G The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: Jan. 1 Inventory $350,000 Jan. 1 - Dec. 31 Purchases (net) 2,950,000 Sales 4,440,000 Estimated gross profit rate 35% a. Estimate the cost of the inventory destroyed. Estimated Cost of Merchandise Destroyed $ $ $ $ b. Which method is used to estimate inventory cost in case of inventory destroyed by fire?
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G The inventory was destroyed by fire on December 31. The following data were obtained from the acco...
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