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Determine the estimated cost of inventory lost in the fire

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Reference no: EM132220446

Question - Wildhorse Company reported the following information for November and December 2020.

November December

Cost of goods purchased $538,000 $603,000

Inventory, beginning-of-month 126,000 171,000

Inventory, end-of-month 171,000 ?

Sales revenue 850,000 1,000,000

Wildhorse's ending inventory at December 31 was destroyed in a fire.

Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire.

Reference no: EM132220446

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