The inventory of Pedigo Company was destroyed by fire on April 1. From an examination of the accounting records, the following data for the first three months of the year are obtained: 
Instructions
Determine the merchandise lost by fire, assuming a beginning inventory of $60,000 and a gross profit rate of 40% on net sales.
Definitions:
Population Means
The average values of a trait or measurement within a given population.
Standard Error
The standard deviation of the sampling distribution of a statistic, commonly used to measure how accurately a sample represents a population.
Null Hypothesis
The hypothesis that there is no significant difference or effect, and any observed difference is due to sampling or experimental error.
Normally Distributed
Refers to a probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.
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