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Home / Questions / A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018. Accounting records on that da

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018. Accounting records on that da

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018. Accounting records on that date indicated the followin

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2018. Accounting records on that date indicated the following: Merchandise inventory, January 1, $1,990,000 2018 5,890,000 490,000 9,100,000 Purchases to date Freight-in Sales to date The gross profit ratio has averaged 25% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
 

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