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5. The following information is available for October for Barton Company. Beginning inventory 50,000 Net purchases 150,000 Net sales 300,000 Percentage markup on cost 66.67%

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5. The following information is available for October for Barton Company. Beginning inventory 50,000 Net purchases 150,000 Net sales 300,000 Percentage markup on cost 66.67% A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of 3,000. Using the gross profit method, the estimated ending inventory destroyed by fire is: a. 17,000. b. 77,000. c. 80,000 d. 100,000

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