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The merchandise inventory was destroyed by fire on August 19

The merchandise inventory was destroyed by fire on August 19
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The merchandise inventory was destroyed by fire on August 19. The following data were obtained from the accounting records: Jan.1 Merchandise inventory $360,000 Jan. 1-Aug.19 Purchase (net) 3,200,000 Sales (net) 5,200,000 Estimated gross profit rate 36% a-Estimate the cost of the merchandise destroyed. b-Briefly describe the situations in which the gross profit method is useful. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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