Homework Clinic
Social Science Clinic => Accounting => Topic started by: LaDunn on Feb 18, 2020
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The Cyprus Company recently lost its entire inventory in a fire. The accounting records reflect the following information:
Beginning Inventory | $36,000 |
Net Purchases | $220,500 |
Net Sales | $378,300 |
Gross Profit Rate | 40% |
Using the gross profit method, estimated inventory is:
◦ $29,520
◦ $36,000
◦ $102,600
◦ Cannot be determined with given information.
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$29,520
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Thank you
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Thank You