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

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Accounting

Travel Corporation recently suffered a fire in its warehouse. The fire destroyed all of the company's inventory on hand at June 30. The opening inventory on June 1 was $ 2,631,350. Travel purchased an additional $ 680,000 during June and had sales of $ 1,220,000 for the month at a gross profit of 31%.

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

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