A fire destroyed nortons october 31 inventory leaving, Ask an Expert

Accounting

The following information is available for October for Norton Company.
Beginning inventory $200,000
Net purchases 600,000
Net sales 1,200,000
Percentage markup on cost 66.67%
A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $12,000. Using the gross profit method, determine the estimated ending inventory destroyed by fire is ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947843

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