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Over the past 3 years, the gross profit rate for Jini Company was 44%. Last...

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Accounting

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Over the past 3 years, the gross profit rate for Jini Company was 44%. Last week a fire destroyed all Jini's inventory Beginning inventory Net purchases Net sales at retail $ 6,450 64,900 49,900 Using the gross profit method, estimate the cost of inventory destroyed in the fire given the above facts that were recorded in a fireproof safe. Inventory destroyed

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