California Inc., through no fault of its own, lost an entire plant due to an...
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California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2018. In preparing its insurance claim on the inventory loss, the company developed the following data: Inventory January 1, 2018, $440,000; sales and purchases from January 1, 2018, to May 1, 2018, $1,210,000 and $965,000, respectively. California consistently reports a 30% gross profit. The estimated inventory on May 1, 2018, is: Multiple Choice $618,000 C) $558.000 Saved Help Save & Exit Submit $618000 $558,000 $523000 80200
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