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On April 25, 2020, a flash flood destroyed one of High River Company's warehouses, including all of the inventory inside. The flood did not affect the inventory held at the company's other locations. The accounting records were kept at High River's head office in Canmore, Alberta. A search through the records revealed the following information: Purchases up to April 25 $706,300 Cost of inventory on hand, January 1 $135,400 Sales up to April 25 $1,042,200 Cost-to-sales ratio for 2020 64% A count of inventory on hand at the other locations revealed thatinventory costed at $125,300 was on hand. Estimate the cost of the inventory that was destroyed in the flash flood. $ The cost of the inventory that was destroyed in the flash flood Company Superior Inc Michigan Corp. Beginninenventory $178,000 $425,000 Endine inventor $146,000 $470.000 Cost of Goods Sold $1,228,734 $2,247.820 Superior Inc. reported sales revenues of $1,602,000, and Michigan Corp.reported sales revenue of $3.340,000 Calculate the inventory turnover ratio for Superior and Michigan (Round answers to 1 decimal place, eg. 10.5 Superior Inc Michigan Corp Inventory turnover ratio times times eTextbook and Media Calculate the gross margin and gross margin ratio for Superior and Michigan (Round gross margin ratio to 1 decimal place og 10.5%) Superior Inc $ Michigan Corp $ Gross margin Gross margin ratio e Textbook and Media

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