A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: (1) Inventory, January 1: $34,000(2) Purchases: $118,000(3) Sales: $140,000The company's gross profit rate was 30%. Calculate the estimated value of the destroyed inventory.

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The Answer of A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: (1) Inventory, January 1: $34,000(2) Purchases: $118,000(3) Sales: $140,000The company's gross profit rate was 30%. Calculate the estimated value of the destroyed inventory.

A Company's Store Was Destroyed by a Fire on February