Confucius Bookstores inventory is destroyed by a fire on September 5. The following data for the current
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Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Estimate the cost of the inventory destroyed.
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Beginning inventory, Jan. 1. Jan. 1 through Sept. 5 purchases (net).. Jan. 1 through Sept. 5 sales (net).... Current year's estimated gross profit rate $190,000 $352,000 $685,000 44%
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