Viewpoint Companys October 31 inventory was destroyed by fire. The companys beginning inventory was $500,000,...
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Viewpoint Companys October 31 inventory was destroyed by fire. The companys beginning inventory was $500,000, and purchases for January through October were $1,200,000. Sales for the same period were $1,800,000. The companys normal gross profit percentage is 30% of sales. Using the gross profit method, the October 31 inventory is estimated to be which of the following?
$300,000
$440,000
$550,000
$40,000
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