A company’s warehouse contents were destroyed by a flood on September

| June 14, 2018

A company’s warehouse contents were destroyed by a flood on September 12. The following information was the only information that was salvaged: 1. Inventory, beginning: $28,0002. Purchases for the period: $17,0003. Sales for the period: $55,0004. Sales returns for the period: $700 The company’s average gross profit ratio is 35%. What is the estimated cost of the lost inventory?

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