Kauai Stores inventory is destroyed by a fire on September 5, 2013. The following data for year

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Kauai Store’s inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Estimate the cost of the inventory destroyed.

Jan. 1 inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 190,000

Jan. 1 through Sept. 5 purchases (net) . . . . . . . . . $ 352,000

Jan. 1 through Sept. 5 sales (net) . . . . . . . . . . . . . $ 685,000

Year 2013 estimated gross profit rate . . . . . . . . . 44%

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Fundamental accounting principle

ISBN: 978-0078025587

21st edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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Question Posted: Nov 26, 2013 09:14 AM

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Kauai Stores inventory is destroyed by a fire on September 5, 2013. The following data for year

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Goods available for sale Inventory January 1 190000 ...View the full answer

Fundamental accounting principle

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