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A flood destroyed a company s warehouse contents on September 1 2 . The following information was the only information that was salvaged: Inventory, beginning:

A flood destroyed a companys warehouse contents on September 12. The following information was the only information that was salvaged:
Inventory, beginning: $29,100
Purchases for the period: $18,100
Sales for the period: $56,100
Sales returns for the period: $810
The company's average gross profit ratio is 29%. What is the estimated cost of the lost inventory using the gross profit method?
Multiple Choice
$46,200.00.
$31,165.90.
$47,200.00.
$7,944.10.
$33,512.00.

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