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A flood destroyed a companys warehouse contents on September 1 2 . The following information was the only information that was salvaged:Inventory, beginning: $ 3

A flood destroyed a companys warehouse contents on September 12. The following information was the only information that was salvaged:Inventory, beginning: $30,000Purchases for the period: $19,000Sales for the period: $57,000Sales returns for the period: $900 The company's average gross profit ratio is 20%. What is the estimated cost of the lost inventory using the gross profit method?

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