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Sheridan Company's October 31 inventory was destroyed by fire. The company's beginning inventory was $521000, and purchases for January through October were $1240000. Sales for
Sheridan Company's October 31 inventory was destroyed by fire. The company's beginning inventory was $521000, and purchases for January through October were $1240000. Sales for the same period were $1871000. The company's normal gross profit percentage is 30% of sales. Using the gross profit method, the October 31 inventory is estimated to be $315500 $451300 $561300. $40300
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