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On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales for
On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales for January 1 through April 15 amounts to $320,000; beginning inventory cost is $60,000; purchases for January 1 through April 15 cost $300,000. Markup on cost is 25%. The amount of inventory loss to report to the insurance company is O a. 104,000 b. 256,000 O C.360,000 d. 305,000
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