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An insurance company has hired your firm to investigate a loss due to fire. The following information was made available: Beginning Inventory (from last year)

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An insurance company has hired your firm to investigate a loss due to fire. The following information was made available: Beginning Inventory (from last year) 125,000 Net Purchases (from accounting records) 575,000 Net Sales (from accounting records) 900,000 Estimated gross profit percentage 30% of selling price Ending inventory left after fire (at cost) 20,000 Final Answer - How much inventory was lost

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