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On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had...

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Accounting

On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2018) was $170,000; in the past Felt's gross profit has averaged 30% of selling price.

Required: Please show all calculations Compute the estimated loss of inventory burned. Your solution should be in good form with amounts clearly labeled.

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