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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 The following information was the only information that was salvaged:
Inventory, beginning: $
Purchases for the period: $
Sales for the period: $
Sales returns for the period: $
The company's average gross profit ratio is What is the estimated cost of the lost inventory using the gross profit method?
Multiple Choice
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$
$
$
$
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