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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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This note was uploaded on 12/12/2010 for the course ACCT ACCT207 taught by Professor Dragone during the Fall '10 term at University of Delaware.
- Fall '10