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Unformatted text preview: following information about her 2008 operations before the fire occurred. Beginning inventory (1/1/08) $11,500 Purchases $62,000 Net Sales $84,000 Gross Profit Rate 30% What is the estimated amount of destroyed inventory? 3. Our company must estimate the inventory balances for its quarterly financial statements. Records show that quarterly net sales totaled $400,000, beginning inventory was $80,000 and purchases totaled $280,000; the gross profit rate is 40%. What is the approximate amount of ending inventory?...
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- Fall '10
- Accounting, $80,000, $75,000, $400,000, $280,000, $62,000, $11,500