uigley Company's records indicate the following information for the year: Inventory, 1/1 660,000 Purchases...
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uigley Company's records indicate the following information for the year: Inventory, 1/1 660,000 Purchases 2,700,000 Net sales 3,600,000 On December 31, a physical inventory determined that ending inventory of 720,000 was in the warehouse. Quigley's gross profit on sales has remained constant at 30%. Quigley suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory? a. 120,000 b. 240,000 c. 360,000 d. 840,000
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