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Century 21 Accounting Multicolumn Journal

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1CP

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100%

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was
The merchandise inventory of Sunny Retailers
destroyed by fire on November 20. The following data were
obtained from the accounting records:
Date
Jan. 1
Description
Amount
Merchandise inventory
$310,000
$2,150,000
$3,900,000
Jan. 1 Nov. 20 Purchases (net)
-
Jan. 1 Nov. 20 Sales (net)
-
Estimated gross profit rate 42%
Estimate the cost of the merchandise destroyed.

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The merchandise inventory of sunny retailer was destroyed by fire on November 20.
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