13. (4 marks) In the early morning of January 1, 2018, Minnesota Corp.'s inventory was...
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13. (4 marks) In the early morning of January 1, 2018, Minnesota Corp.'s inventory was destroyed by fire. The following information was available for calendar 2017: Sales ......... ............................ $950,000 Net purchases ...................... 600,000 Beginning inventory .............. 110,000 Minnesota's gross profit on sales has averaged 35% for several years. Required: Calculate the estimated cost of the inventory destroyed. Clearly show and label calculations for possible part marks
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