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A companys warehouse contents were destroyed by a flood on

Question - A company's warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salvaged:

1. Inventory, beginning: $28,000

2. Purchases for the period: $17,000

3. Sales for the period: $55,000

4. Sales returns for the period: $700

The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory?

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