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Estimated ending inventory before the fire is

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Reference no: EM132529036

The following information is available for October for Norton Company.

Beginning inventory $400,000

Net purchases 1,200,000

Net sales 2,400,000

Percentage markup on cost 66.67%

Question 1: A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $24,000. Using the gross profit method, the estimated ending inventory before the fire is?

Reference no: EM132529036

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