Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for October for Oriole Company. Beginning inventory $430000 Net purchases 1260000 Net sales 2520000 Percentage markup on cost 66.67% A

The following information is available for October for Oriole Company.

Beginning inventory

$430000

Net purchases

1260000

Net sales

2520000

Percentage markup on cost

66.67%

A fire destroyed Orioles October 31 inventory, leaving undamaged inventory with a cost of $25500. Using the gross profit method, the estimated ending inventory destroyed by fire is

A)$646500.

B)$830000.

C)$152500.

D)$672000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of International Auditing And Assurance

Authors: Rick Hayes, Philip Wallage, Peter Eimers

4th Edition

ISBN: 9463720065, 978-9463720069

More Books

Students also viewed these Accounting questions