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On April 24 of the current year, The Memphis Pecan Company experienced a tornado that...

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Accounting

On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed the company's entire inventory. At the beginning of April, the company reported beginning inventory of $228,350. Inventory purchased during April (until the date of the tornado) was $199,400. Net Sales for the month of April through April 24 were $644,100. Assuming the company's typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the tornado. Multiple Choice $322,050 $213,875 $105,700 $216,350 $158,588

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