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The following information is available for October for Pharoah Company. Beginning inventory$320000 Net purchases1040000 Net sales2080000 Percentage markup on cost66.67% A fire destroyed Pharoah's October

The following information is available for October for Pharoah Company.

Beginning inventory$320000

Net purchases1040000

Net sales2080000

Percentage markup on cost66.67%

A fire destroyed Pharoah's October 31 inventory, leaving undamaged inventory with a cost of $20000. Using the gross profit method, the estimated ending inventory destroyed by fire is

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