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On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following information is available from the

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On February 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following information is available from the records of the company's periodic inventory system: beginning inventory. $300,000: purchases and net sales from the beginning of the year through February 26, $560.000 and $760.000. respectively: gross profit ratio. 40%. Estimate the cost of the inventory destroyed by the hurricane using the gross profit method

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