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fire destroyed Jake Company's warehouse on April 15, 2016. Inventory in the warehouse originally $16,000...

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Accounting

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fire destroyed Jake Company's warehouse on April 15, 2016. Inventory in the warehouse originally $16,000 was saved. The following additional information is available from Jake's accounting records: Jake Company's historical gross margin (profit) on net sales has been 25% in prior years. The inventory saved had a retail salvage value of $22,000. Required: Calculate the cost of the inventory that Jake lost in the fire using the gross profit method

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