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The inventory was destroyed by fire on December 3 1 . The following data were obtained from the accounting records: Jan. 1 Inventory $ 3
The inventory was destroyed by fire on December The following data were obtained from the accounting records:
Jan.
Inventory
$
Jan. Dec.
Purchases net
Sales
Estimated gross profit rate
a Estimate the cost of the inventory destroyed.
Estimated Cost of Merchandise Destroyed
b Which method is used to estimate inventory cost in case of inventory destroyed by fire?
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