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A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21000. Using the gross profit method, the estimated ending inventory destroyed by fire is O $119000. O $539000. $560000. $700

A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21000. Using the gross profit method, the estimated ending inventory destroyed by fire is O $119000. O $539000. $560000. $700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for October for Barton Company: Beginning inventory Net purchases Net sales $350000 1050000 2100000 Percentage markup on cost 66.67% A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21000. Using the gross profit method, the estimated ending inventory destroyed by fire is O $119000. $539000. $560000. O $700000.
Transcribed Image Text:The following information is available for October for Barton Company: Beginning inventory Net purchases Net sales $350000 1050000 2100000 Percentage markup on cost 66.67% A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $21000. Using the gross profit method, the estimated ending inventory destroyed by fire is O $119000. $539000. $560000. O $700000.
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