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Gross Profit Method Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5,20--. Fortunately, the accounting records were

Gross Profit Method

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Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5,20--. Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method

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