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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 Carla Vista Company.

Beginning inventory $470000

Net purchases $1340000

Net sales $2680000

Percentage markup on cost 66.67%

A fire destroyed Carla Vista's October 31 inventory, leaving undamaged inventory with a cost of $27500. Using the gross profit method, find the estimated ending inventory destroyed by fire?

$870000.

$687167.

$714667.

$174500.

Reference no: EM132725714

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