Business, 16.12.2019 18:31 mparra4761

On february 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the rockford corporation. the following information is available from the records of the company’s periodic inventory system: beginning inventory, $320,000; purchases and net sales from the beginning of the year through february 26, $600,000 and $800,000, respectively; gross profit ratio, 40%.estimate the cost of the inventory destroyed by the hurricane using the gross profit method.

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On february 26 a hurricane destroyed the entire inventory stored in a warehouse owned by the rockfor...

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