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What is the amount of inventory lost due to the fire

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Question - Isposito Company has experienced an inventory loss due to fire on November 22, 2010. The following account balances are as of November 22, 2010:

An inventory was taken immediately after the fire and shows a salvageable inventory of $10,000. During the past year, cost of goods sold equaled 60% of net sales.

What is the amount of inventory lost due to the fire?

$53,600

$73,600

$50,000

$63,600

Reference no: EM132429313

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