Question: Howard Company, a camera store, lost some inventory in a fire on December 15. To file an insurance claim, the company must estimate its

Howard Company, a camera store, lost some inventory in a fire on December 15. To file an insurance claim, the company must estimate its December 15 inventory using the gross profit method. For the past two years, Howard Company's gross profit has averaged 44% of net sales. Its inventory records reveal the following data: (Click the icon to view the data.) Read the requirements

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