During June, the following changes in inventory took place: June 1 Balance 1,400 units @ $24 June 14 Purchased 800 units @ $36 June 24 Purchased 700 units @ $30 June 8 Sold 400 units @ $50 June 10 Sold 1,000 units @ $40 June 29 Sold 500 units @ $44 Perpetual inventories are maintained. The cost of goods sold under LIFO is 48,600 50,000 28,800 50,800 Question 61 (1.54 points) The following information is available for October for Norton Company. Beginning inventory $300,000 Net purchases 900,000 Net sales 1,800,000 Percentage markup on cost 66.67% A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $18,000. Using the gross profit method, the estimated ending inventory is $462,000. $480,000. $600,000 $120,000 Question 62 (1.54 points) The following information is available for October for Norton Company. Beginning inventory $300,000 Net purchases 900,000 Net sales 1,800,000 Percentage markup on cost 66.67% A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $18,000. Using the gross profit method, the estimated ending inventory destroyed by fire is $600,000 $480,000. $462,000 $102,000