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An arson destroyed inventory in company warehouse and is in the process of filing a claim with ins co. for inventory loss due to fire given beg inventory 300,500
purchases through 9/30 500,250
Net sales revenue through 9/30 875,200

Mark-up on cost: 50% Estimate the value of the inventory destroyed in the fire using the gross margin method.The coursepack supplies the answer but I am unable to solve for the correct answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982987

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