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What is the estimated cost of the inventory

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Question - A company's inventory was completely destroyed in a fire on March 21, 2013. The company's February 28, 2013 inventory had a cost of $40,000. The company's gross profit has consistently been 30% of sales. During March the company purchased merchandise costing $36,000 and had sales of $50,000 at regular selling prices. What is the estimated cost of the inventory that was destroyed on March 21, 2013?

Reference no: EM132090698

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