Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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Transcribed Image Text:On March 8, a warehouse fire destroyed all of Global
Trading's merchandise inventory. The following data
were obtained from the accounting records:
Jan. 1
Merchandise inventory
Jan. 1-Mar. 8 Purchases (net)
Sales (net)
Estimated gross profit rate
Estimate the cost of the merchandise destroyed in the
fire.
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