Dubs Paint Supplies' store was destroyed by a tornado The only information for the current...
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Accounting
Dubs Paint Supplies' store was destroyed by a tornado
The only information for the current period that could be salvaged included the following:
Beginning inventory, January 1: $56,000 Purchases to date: $150,000 Sales to date: $250,000 Historically, the company's gross profit ratio has been 30%.
Estimate the value of the destroyed inventory using the gross profit method.
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