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Find the estimated ending inventory destroyed by fire is

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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%

Problem 1: A fire destroyed Carla Vista's October 31 inventory, leaving undamaged inventory with a cost of $27500. Using the gross profit method, the estimated ending inventory destroyed by fire is

Option 1: $870000.

Option 2: $687167.

Option 3: $714667.

Option 4: $174500.

Reference no: EM132731365

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