Essay
The Byrne Company had its entire inventory destroyed when a fire swept through the company's warehouse on April 30,2016.Fortunately,the accounting records were locked in a fireproof safe and were not damaged.The following information for the period up to the date of the fire was taken from the accounting records:
Required: Assuming that the gross margin has averaged 35 percent of selling price,what is the estimated value of the inventory destroyed in the fire? Show all calculations in good form.
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