Question: On September 5 , 2 0 2 3 , Captive Company's entire inventory was destroyed by flood. The following information is available from the accounting

On September 5,2023, Captive Company's entire inventory was destroyed by flood. The following information is available from the accounting records.
Inventory, January 1,2023 $440,000
Purchases, January 1- September 5 $510,000
Sales, January 1- September 5 $820,000
Normal gross margin 15%
Compute the estimated cost of inventory lost in the fire.

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