The following information is available for October for Bearing Company: Beginning Inventory $250,000 Net Purchases...
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The following information is available for October for Bearing Company: Beginning Inventory $250,000 Net Purchases 750,000 Net Sales 1,500,000 Gross Profit % 60% A fire destroyed Bearing's October 31 inventory, leaving undamaged inventory with a cost of $15,000. Bearing's insurance company needs the amount of estimated ending inventory destroyed by the fire in order to settle Bearing's claim. The amount destroyed by the fire is a. $85,000 b. $385,000. c. $400,000. d. $500,000.
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