Collins Computers stored its inventory in a warehouse which suffered a fire in late November, 2014. Their sales office was at a different location. In order to file a claim with the insurance company, the owners ask you to estimate the inventory in the warehouse. The following information is available: 
The company's gross profit has historically been 40% of Net sales revenue. Estimate the value of the inventory destroyed in the fire using the gross profit method.
Definitions:
International Law
A body of rules and principles that governs the relations and conduct of nations and international organizations.
Magnuson-Moss Act
A federal law enacted in 1975 that governs warranties on consumer products to protect consumers from deceptive warranty practices.
Written Warranty
A legal, written guarantee provided by the seller or manufacturer regarding the condition of a product and the provision of repair or replacement.
Limited Warranty
A warranty that restricts the conditions under which a product can be returned, repaired, or replaced.
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