=+1,622,700 1,622,700 _ _ 6. On February 7 of the following year, the merchandise inventory was destroyed

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=+1,622,700 1,622,700 _________ _________ 6. On February 7 of the following year, the merchandise inventory was destroyed by fire. Based on the following data obtained from the accounting records, estimate the cost of the merchandise destroyed:

Jan. 1 Merchandise inventory $144,200 Jan. 1–Feb. 7 Purchases (net) 40,000 Jan. 1–Feb. 7 Sales (net) 70,000 Estimated gross profit rate 40%

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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Question Posted: Sep 19, 2024 06:05 AM

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=+1,622,700 1,622,700 _________ _________ 6. On February 7 of the following year, the merchandise inventory was destroyed

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Accounting

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=+1,622,700 1,622,700 _ _ 6. On February 7 of the following year, the merchandise inventory was destroyed