Anchor Company's accounting records indicated the following information: Inventory, 1/1/20 $ 1,860,000 Purchases during 2020...
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Anchor Company's accounting records indicated the following information: Inventory, 1/1/20 $ 1,860,000 Purchases during 2020 9,600,000 Sales during 2020 12,060,000 A physical inventory taken on December 31, 2020, resulted in an ending inventory of $1,860,000. Anchor's gross profit on sales has remained constant at 18% in recent years. Anchor suspects some inventory may have been taken by a new employee. At December 31, 2020, what is the estimated cost of missing inventory? O $1,756,800 O $1,543,800 O $1,570,800 O $1,860,000
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