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Business, 19.06.2020 04:57 ashleychantal99
QS 6-22B Estimating inventories—gross profit method LO P4 Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Beginning inventory, Jan. 1 $ 260,000 Jan. 1 through Sept. 5 purchases (net) $ 391,000 Jan. 1 through Sept. 5 sales (net) $ 782,000 Current year's estimated gross profit rate 33 % Estimate the cost of the inventory destroyed.
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QS 6-22B Estimating inventories—gross profit method LO P4 Confucius Bookstore’s inventory is destroy...
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