Confucius Bookstore s inventory is destroyed by a fire on September 5, 2017. The following data for.

Confucius Bookstore s inventory is destroyed by a fire on September 5, 2017. The following data for year 2017 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan. 1 inventory ……………………………………….. $190,000 Jan. 1 through Sept. 5 purchases (net) ………………… $352,000 Jan. 1 through Sept. 5 sales (net) ……………………… $685,000 Year 2017 estimated gross profit rate ………………… 44%

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