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The merchandise inventory was destroyed by fire on august

Question - The merchandise inventory was destroyed by fire on August 19th. The following data were obtained from the accounting records.

Jan 1 Merchandise inventory $360,000

Jan 1-Aug 19 Purchases (net) 3,200,000

Sales (net) 5,200,000

Estimated gross profit rate 36%

a. Estimate the cost of the merchandise destroyed.

b. Briefly descrive the situations in which the gross profit method is useful.

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Accounting Basics: The merchandise inventory was destroyed by fire on august

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