Question
The following information is available for October for Norton Company. Beginning inventory $400,000 Net purchases 1,200,000 Net sales 2,400,000 Percentage markup on cost 66.67% A
The following information is available for October for Norton Company.
Beginning inventory $400,000
Net purchases 1,200,000
Net sales 2,400,000
Percentage markup on cost 66.67%
A fire destroyed Norton's October 31 inventory, leaving undamaged inventory with a cost of $24,000. Using the gross profit method, the estimated ending inventory before the fire is?
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Financial & Managerial Accounting
Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello
15th Edition
0073526991, 9780073526997
