On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed t… 1 answer below »

On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed the company’s entire inventory. At the beginning of April, the company reported beginning inventory of $226,750. Inventory purchased during April (until the date of the tornado) was $197,800. Sales for the month of April through April 24 were $642,500. Assuming the company’s typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the tornado. $212,275 $103,300 $217,950 $321,250 $157,788

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