Bottitta Company lost all of its inventory in a fire 1 answer below »

Bottitta Company lost all of its inventory in a fire on December 26, 2012. The accounting records showed the following gross profit data for November and December.

Bottitta is fully insured for fire losses but must prepare a report for the insurance company.
Instructions
(a) Compute the gross profit rate for November.
(b) Using the gross profit rate for November, determine the estimated cost of the inventory lost in thefire.

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