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Problem - The merchandise inventory was destroyed by fire on December 31. The following data were obtained from the accounting records:
Jan. 1 Inventory $ 350,000
Jan. 1-Dec. 31 Purchases (net) 2,950,000
Sales 4,440,000
Estimated gross profit rate 35%
Required -
a. Estimate the cost of the inventory destroyed.
b. Briefly describe the situations in which the gross profit method is useful.
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