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The following information is available for October for Crane Company. (Round answers to 0 decimal places, e.g. 5,275.) Beginning inventory $510000 Net purchases 1420000 Net
The following information is available for October for Crane Company. (Round answers to 0 decimal places, e.g. 5,275.)
Beginning inventory | $510000 |
Net purchases | 1420000 |
Net sales | 2840000 |
Percentage markup on cost | 66.67% |
A fire destroyed Cranes October 31 inventory, leaving undamaged inventory with a cost of $29500. Using the gross profit method, the estimated ending inventory destroyed by fire is
$910000.
$196500.
$757333.
$727833.
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