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How much is the estimated inventory destroyed by fire

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Reference no: EM132691212

The following information is available for October for Barton Company.

Net purchases 300,000

Beginning inventory $ 50,000

Net sales 400,000

Percentage markup on cost 66.67%

Problem 1: A fire destroyed Barton's October 31 inventory. Only $10,000 of inventory was salvaged. Using the gross profit method, how much is the estimated inventory destroyed by fire? Round to even amounts.

Reference no: EM132691212

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