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Over the past 3 years, the gross profit rate for Jini Company was 41%. Last week a fire destroyed all Jini's inventory Beginning inventory Net

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Over the past 3 years, the gross profit rate for Jini Company was 41%. Last week a fire destroyed all Jini's inventory Beginning inventory Net purchases Net sales at retail $ 5,550 61, 100 48, 100 Using the gross profit method, estimate the cost of inventory destroyed in the fire given the above facts that were recorded in a fireproof Safe Inventory destroyed

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