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Estimated amount of inventory
Jezzie Corporation suffered a major disaster on December 27, 2006 when a fire destroyed the company store. Fortunately, the following information was recovered from the fire: The beginning inventory on December 1, 2006 was $32,000, during the period the company purchased $58,000 worth of inventory and had sales that amounted to $120,000. The company's records indicated that it had a gross margin of 32%. Based on this information, what was the estimated amount of inventory that was lost in the fire?
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