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Sheffield Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January through April totaled $474,000. Sales revenue for
Sheffield Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January through April totaled $474,000. Sales revenue for the same period was $669,900. Sheffield's normal gross profit percentage is 30% on sales. Using the gross profit method, estimate Sheffield's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire $ $
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