The following information is available for October for Sandhill Company. Beginning inventory $480000 Net purchases...
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Accounting
The following information is available for October for Sandhill Company. Beginning inventory $480000
Net purchases 1360000
Net sales 2720000
Percentage markup on cost 66.67%
A fire destroyed Sandhills October 31 inventory, leaving undamaged inventory with a cost of $28000. Using the gross profit method, the estimated ending inventory destroyed by fire is
| $697333. |
|
| $725333. |
|
| $880000. |
|
| $180000. |
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