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How to estimate inventory destroyed by fire?
Inventory on hand on January 1 was $38000.purchases since January 1 was were $92,000 freight-in,$3400 purchase returns and allowances,$2400.sales are made at 33 1/3% above cost and totalled $120,000.goods costing $10900 was left undamaged by the fire,remaining goods were destroyed. What is the estimated cost of the goods destroyed.
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