A companys warehouse was destroyed by a tornado on march, Ask an Expert

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A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged:

Inventory, beginning: $28,000
Purchases for the period: $17,000
Sales for the period: $55,000
Sales returns for the period: $700

The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M966350

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