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The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: nventory Purchases (net) Sales Estimated gross profit

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The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: nventory Purchases (net) Sales Estimated gross profit rate 350,000 2,950,000 4,440,000 35% Jan. 1 Jan. 1 to Dec. 31 A. Estimate the cost of the inventory destroyed. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries

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