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Use the gross profit method to estimate the cost of the

A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2011. Accounting records on that date indicated the following:

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The gross profit ratio has averaged 20% of sales for the past four years.

Required:

Use the gross profit method to estimate the cost of the inventory destroyed in the fire.

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Accounting Basics: Use the gross profit method to estimate the cost of the

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