The rate of gross profit was 25 of cost compute the amount, Accounting Basics

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The rate of gross profit was 25 of cost compute the amount

Problem

A store had inventory of $48 000 January purchases were $46 000 and January sales were $90 000 On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Compute the amount of the fire loss assuming the store had no insurance coverage Label an figures.

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Accounting Basics: The rate of gross profit was 25 of cost compute the amount

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