Sage Corporations April 30 inventory was destroyed by fire. January 1 inventory was $162,900, and...
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Sage Corporations April 30 inventory was destroyed by fire. January 1 inventory was $162,900, and purchases for January through April totaled $510,500. Sales revenue for the same period were $738,800. Sages normal gross profit percentage is 25% on sales. Using the gross profit method, estimate Sages April 30 inventory that was destroyed by fire
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