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The following information is available for October for Blossom Company. (Round answers to 0 decimal places, e.g. 5,275.) Beginning inventory$500000 Net purchases1400000 Net sales2800000Percentage markup
The following information is available for October for Blossom Company.(Round answers to 0 decimal places, e.g. 5,275.)
Beginning inventory$500000
Net purchases1400000
Net sales2800000Percentage markup on cost66.67%
A fire destroyedBlossom's October 31 inventory, leaving undamaged inventory with a cost of $29000. Using the gross profit method, the estimated ending inventory destroyed by fire is
$717667.
$746667.
$191000.
$900000
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