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QS 6-12 Estimating inventories-gross profit method L06 The inventory of Sixth Avenue Department Store was destroyed by a fire on September 10, 2020. The following

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QS 6-12 Estimating inventories-gross profit method L06 The inventory of Sixth Avenue Department Store was destroyed by a fire on September 10, 2020. The following 2020 data were found in the accounting records: Jan. 1 inventory Jan. 1-Sept 10 purchases (net) Jan. 1-Sept 10 sales 2020 estimated gross proftrate $180,000 $342.000 $675,000 42%

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