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The following information is available for October for Norton Company Beginning Inventory 200,000 Net Purchases 600,000 Net Sales 1,200,000 Percentage markup on cost 66.67% A

The following information is available for October for Norton Company

Beginning Inventory 200,000

Net Purchases 600,000

Net Sales 1,200,000

Percentage markup on cost 66.67%

A fire destroyed Nortons October 31 inventory, leaving undamaged inventory with a cost of $12,000, Using the gross profit method, the estimated ending inventory destroyed by fire is:

Answer: 68,000

Please explain answer in detail

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