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On February 2, 2013 a fire destroys the entire inventory of Blumer co. The following information was found in accounting records stored in a different

On February 2, 2013 a fire destroys the entire inventory of Blumer co. The following information was found in accounting records stored in a different location from the fire damage store: purchases, $130,000 sales 230,000 beginning inventory $40,000 average gross profit percentage during the past five years 30%. Based on the above information indicate whether each of the following statement is true or false

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