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4. The following information is available for October for UAE Company. Beginning inventory $500,000 Net purchases 1,200,000 Net sales 2,400,000 Percentage markup on sale 30%

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4. The following information is available for October for UAE Company. Beginning inventory $500,000 Net purchases 1,200,000 Net sales 2,400,000 Percentage markup on sale 30% A hurricane destroyed UAE's May 31 inventory. Using the gross profit method, what is the cost of the estimated ending inventory destroyed by fire

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