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The Cyprus Company recently lost its entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory Net Purchases Net Sales Gross

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The Cyprus Company recently lost its entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory Net Purchases Net Sales Gross Profit Rate $38,000 $220,300 $379,000 40% Using the gross profit method, estimated inventory is: A. $30,900 B. $103,320 C. $38,000 D. Cannot be determined with given information

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