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A fire destroyed the inventory and store of Schlichting Company. The following information is available: Beginning Inventory $100,000 Purchases $400,000 Net Sales Revenue $600,000 Gross

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A fire destroyed the inventory and store of Schlichting Company. The following information is available: Beginning Inventory $100,000 Purchases $400,000 Net Sales Revenue $600,000 Gross Profit Percentage 20% Prepare a schedule to compute the amount of inventory lost in the fire

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