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Problem IV for Inco Company. Beginning inventory $300,000 Net purchases 1,600,000 Net sales 2,400,000 Percentage markup on cost 66.67% A fire destroyed Inco's December 31

Problem IV for Inco Company. Beginning inventory $300,000 Net purchases 1,600,000 Net sales 2,400,000 Percentage markup on cost 66.67% A fire destroyed Inco's December 31 inventory, leaving undamaged inventory with a cost of $24,000. Using the gross profit method, estimate the ending inventory destroyed by fire

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