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Over the past 3 years, the gross profit rate for Jini Company was 35%. Last week a fire de...

Over the past 3 years, the gross profit rate for Jini Company was 35%. Last week a fire destroyed all Jini's inventory. Using the gross profit method, estimate the cost of inventory destroyed in the fire, given the following facts that were recorded in a fireproof safe:

Beginning inventory$ 6,000
Net purchases64,000
Net sales at retail49,000

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Solutions For Problems in Chapter 18
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