Testbank Multiple Choice Question 94 The following information is available for October for Crane Company. (Round answers to 0 decimal places, e.g. 5,275.) $280000 Beginning inventory Net purchases 960000 Net sales Percentage markup on cost 1920000 66.67% A fire destroyed Crane's October 31 inventory, leaving undamaged inventory with a cost of $18000. Using the gross profit method, the estimated ending inventory destroyed by fire is O $70000 $494000. O $512000. O $680000