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A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicated the following: The gross profit

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2016. Accounting records on that date indicated the following: The gross profit ratio has averaged 25% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire

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