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The following information is available for October for Cullumber Company Beginning inventory $520000 1440000 Net purchases Net sales 2880000 Percentage markup on cost 66.67% A

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The following information is available for October for Cullumber Company Beginning inventory $520000 1440000 Net purchases Net sales 2880000 Percentage markup on cost 66.67% A fire destroyed Cullumber's October 31 inventory, leaving undamaged inventory with a cost of $30000. Using the gross profit method, the estimated ending inventory destroyed by fire is $920000 $738000 $768000. $202000

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