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The Cyprus Company recently lost its entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory $31,000 Net Purchases $220,800 Net

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The Cyprus Company recently lost its entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory $31,000 Net Purchases $220,800 Net Sales $388,100 Gross Profit Rate 40% Using the gross profit method, estimated inventory is

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