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A company's warehouse was destroyed by a tornado on March 15. The following information was salvaged from the ruins: Inventory, beginning: $30,000 Purchases for the
A company's warehouse was destroyed by a tornado on March 15. The following information was salvaged from the ruins: Inventory, beginning: $30,000 Purchases for the period: $18,500 Sales for the period: $59.000 Sales returns for the period: $770 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory
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