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The opening inventory balance was $10,000 and sales to date had been $40,000. During the same period, there were purchases of inventory totalling $50,000 and
The opening inventory balance was $10,000 and sales to date had been $40,000. During the same period, there were purchases of inventory totalling $50,000 and gross profit has remained stable at 20% for the past two years. Yesterday, the entire stock from the store was stolen. Estimate the value of the stolen inventory.
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