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March 27, 2015

Homework Help: accounting

Posted by kelvin on Friday, October 12, 2012 at 12:44pm.

Lisa school supplies suffred a fire loss. The company needs to estimate the cost of good destroyed. Beginning inventory was 100,000 purchases totaled 600,000 and sales came equaled 1,000,000. Lisa normal gross profit percentage is 40%. What is the estimated cost of the inventory lost in the fire using gross profit method?

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