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Deluxe Auto Parts holds inventory all over the world. Suppose that the records for one auto part exhibit the given:

Beginning inventory....................$ 220,000

Net purchases...................... $ 800,000

Net sales...................................$1,100,000

Gross profit rate................... 45%

Assume that this inventory, stored in the United States, was lost in a fire. 

Requirement: 

Estimate the amount of the loss to Deluxe Auto Parts. Utilize the gross profit process.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919086

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