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The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory...

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Accounting

The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was

completely destroyed by flood rains. The following information is available:

Inventory at December 1, 2010 at cost $31,400

Purchases for December 2010 $55,600

Sales for December 2010 $88,800

Standard mark-up is 25%

Based on this information, what was the value of the closing inventory?

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