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The following information is available for October for Sheridan Company. Beginning inventory Net purchases Net sales Percentage markup on cost $280,000 $910,000 $1,820,000 66.67% A

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The following information is available for October for Sheridan Company. Beginning inventory Net purchases Net sales Percentage markup on cost $280,000 $910,000 $1,820,000 66.67% A fire destroyed Sheridan's October 31 inventory, leaving undamaged inventory with a cost of $17500. Using the gross profit method, the estimated ending inventory destroyed by fire is $485333 $630000. $467833 $80500

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