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The following information is available for October for Sandhill Company. Beginning inventory $480000 Net purchases 1360000 Net sales 2720000 Percentage markup on cost 66.67% A

The following information is available for October for Sandhill Company. Beginning inventory $480000

Net purchases 1360000

Net sales 2720000

Percentage markup on cost 66.67%

A fire destroyed Sandhills October 31 inventory, leaving undamaged inventory with a cost of $28000. Using the gross profit method, the estimated ending inventory destroyed by fire is

$697333.

$725333.

$880000.

$180000.

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