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Looking for a solution to this question Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year
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Confucius Bookstore's inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 Jan. 1 through Sept. 5 purchases (net) Jan. 1 through Sept. 5 sales (net) Current year's estimated gross profit rate $190,000 $352,000 $685,000 448 Estimate the cost of the inventory destroyed. Beginning inventory $ 190,000 Estimated September 5 inventory destroyedStep by Step Solution
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