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A Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 37%. The following information is available: Inventory, beginning $112,350 Purchases

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A Company wants to estimate inventory destroyed by flood. Its average gross profit percentage is 37%. The following information is available: Inventory, beginning $112,350 Purchases 520,850 Purchases returns and allowances 5,000 Transportation-in 4,725 Sales 885,950 Sales returns and allowances 9,760 Required Calculate the value of the destroyed ending inventory using the gross profit method. Round numbers to the nearest dollar, if necessary

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