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Logans Corporation recently suffered a fire in its warehouse. The fire destroyed all of the...

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Accounting

Logans Corporation recently suffered a fire in its warehouse. The fire destroyed all of the companys inventory on hand at June 30. The opening inventory on June 1 was $1,973,500. Logan purchased an additional $493,000 during June and had sales of $954,000 for the month at a gross profit of 25%.

Instructions

Using the gross profit method, estimate the value of inventory destroyed in the fire.

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