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Estimate the inventory loss due to Hurricane Fred

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Problem - Coastal Shores Inc. (CSI) was destroyed by Hurricane Fred on August 5, 2013. At January 1, CSI reported an inventory of $170,000. Sales from January 1, 2013, to August 5, 2013, totaled $480,000 and purchases totaled $300,000 during that time. CSI consistently marks up its products 50% over cost to arrive at a selling price. Estimate the inventory loss due to Hurricane Fred.

Reference no: EM132465443

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