Business, 15.04.2020 01:54 Kalle91106
On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockford Corporation. The following information is available from the records of the company’s periodic inventory system: beginning inventory, $245,000; purchases and net sales from the beginning of the year through February 26, $450,000 and $650,000, respectively; gross profit ratio, 30%. The cost of inventory destroyed by the hurricane using the gross profit method would be:
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On February 26, a hurricane destroyed the entire inventory stored in a warehouse owned by the Rockfo...
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