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Find the estimated ending inventory destroyed by fire

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Question - The following information is available for October for Barton Company.

Beginning inventory $250,000

Net purchases 750,000

Net sales 1,500,000

Percentage markup on cost 66.67%

A fire destroyed Barton s October 31 inventory, leaving undamaged inventory with a cost of $15,000. Using the gross profit method, find the estimated ending inventory destroyed by fire?

Reference no: EM132592818

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