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The following information was extracted from the records of Captain Corp. the day after the inventory burned up in a big fire. Captain uses periodic
The following information was extracted from the records of Captain Corp. the day after the inventory burned up in a big fire. Captain uses periodic FIFO to keep track of inventory cost flows Sales Beginning Inventory Historical Gross Profit Percentage Office expenses Purchases Repairs and Maintenance 850,000 42,600 42% 18,655 525,000 26,565 Required: Estimate the cost of the inventory that burned up
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