FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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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