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Estimate the amount of inventory lost from the flood

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Question - On August 15, 2019, a flood destroyed the entire merchandise inventory of Midnight Supplies. The following information is available on August 15:

Sales $1,400,000

Inventory, January 1 240,000

Purchases 800,000

Purchase returns 20,000

Gross profit on sales 45%

Instructions - Using the gross profit method, estimate the amount of inventory lost from the flood.

Reference no: EM133050763

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