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Fosbre Corporations April 30 inventory was destroyed by fire. January 1 inventory was $151,600, and...

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Accounting

Fosbre Corporations April 30 inventory was destroyed by fire. January 1 inventory was $151,600, and purchases for January through April totaled $479,900. Sales revenue for the same period were $720,700. Fosbres normal gross profit percentage is 35% on sales.

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