The following information is available for October for Sheridan Company: Beginning inventory Net purchases Net sales: Percentage markup on cost O $163500. O $850000. $450000 1300000 A fire destroyed Sheridan's October 31 inventory, leaving undamaged inventory with a cost of $26500. Using the gross profit method, the estimated ending inventory destroyed by fire is $693333. $666833. 2600000 66.67%
The following information is available for October for Sheridan Company: Beginning inventory Net purchases Net sales: Percentage markup on cost O $163500. O $850000. $450000 1300000 A fire destroyed Sheridan's October 31 inventory, leaving undamaged inventory with a cost of $26500. Using the gross profit method, the estimated ending inventory destroyed by fire is $693333. $666833. 2600000 66.67%
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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