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The Cotton Mill is a trader in Australian linen. On January 31, 2012 a fire destroyed
some of a sole traders inventory and its inventory records. The following information is
available:
$
Inventory January 1 320,000
Sales for January 620,000
Purchases for January 406,000
Inventory in good condition at January 31 215,000
Standard gross profit percentage on sales is 25%
Based on the information, what is the value of inventory lost?
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