Question
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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Integrated Accounting
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
8th edition
