A fire destroyed the inventory of Olivera Company, but the accounting records were saved. The beginning inventory

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A fire destroyed the inventory of Olivera Company, but the accounting records were saved. The beginning inventory was \(\$ 22,000\), purchases for the period were \(\$ 71,000\), and sales were \(\$ 140,000\). Olivera's customary gross margin is 45 percent of sales. Use the gross margin method to estimate the cost of the inventory destroyed by the fire.

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Financial Accounting

ISBN: 9780133118209

2nd Edition

Authors: Charles T. Horngren, Jr. Harrison, Walter T.

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