Question: Brief Exercise 9-6 (Algo) Gross profit method; solving for unknown [LO9-2] Adams Corporation estimates that it lost $54,400 in inventory from a recent flood. The

Brief Exercise 9-6 (Algo) Gross profit method;

Brief Exercise 9-6 (Algo) Gross profit method; solving for unknown [LO9-2] Adams Corporation estimates that it lost $54,400 in inventory from a recent flood. The following information is available from the records of the company's periodic inventory system: beginning inventory, $170,000; purchases and net sales from the beginning of the year through the date of the flood, $410,000 and $720,000, respectively. What is the company's gross profit ratio

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