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The inventory of Don's Grocery was destroyed by a tornado on October 6 of the current year. Fortunately, some of the accounting records were at
The inventory of Don's Grocery was destroyed by a tornado on October of the current year.
Fortunately, some of the accounting records were at the home of one of the owners and were not
damaged. The following information was available for the period of January through October :
Beginning inventory, January
Purchases through October
Sales through October
$
Gross margin for Don's has traditionally been percent of sales.
Award: points
b Assume that $ of the inventory was not damaged. What is the amount of the loss from the
tornado?
Total loss
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