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What is the estimated ending inventory destroyed by fire

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Reference no: EM133091494

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

Beginning Inventory $150,000

Net Purchases $450,000

Net Sales $900,000

Percentage markup on sales 40.0%

A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $9,000. Using the gross profit method, what is the estimated ending inventory destroyed by fire?

Reference no: EM133091494

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