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Exercise 9-10 (Algo) Gross profit method [LO9-2] A fire destroyed a warehouse of the Goren...

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Exercise 9-10 (Algo) Gross profit method [LO9-2] A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: The gross profit ratio has averaged 20% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire

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