On April 15 of the current year, a fire destroyed the entire uninsured inventory of...
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Accounting
On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:
Sales, January 1 through April 15 $ 618000
Inventory, January 1106000
Purchases, January 1 through April 15515000
Markup on cost20%
What is estimated amount of the inventory loss?
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