he following information is available for October for Pharoah Company. (Round answers to 0 decimal places, e.g. 5,275.) Beginning inventory $320000 Net purchases 1040000 Net sales 2080000 Percentage markup on cost 66.67% A fire destroyed Pharoah’s October 31 inventory, leaving undamaged inventory with a cost of $20000. Using the gross profit method, the estimated ending inventory destroyed by fire is $554667. $720000.
he following information is available for October for Pharoah Company. (Round answers to 0 decimal places, e.g. 5,275.) Beginning inventory $320000 Net purchases 1040000 Net sales 2080000 Percentage markup on cost 66.67% A fire destroyed Pharoah’s October 31 inventory, leaving undamaged inventory with a cost of $20000. Using the gross profit method, the estimated ending inventory destroyed by fire is $554667. $720000.
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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The following information is available for October for Pharoah Company. (Round answers to 0 decimal places, e.g. 5,275.)
Beginning inventory |
$320000 |
Net purchases |
1040000 |
Net sales | 2080000 |
Percentage markup on cost |
66.67% |
A fire destroyed Pharoah’s October 31 inventory, leaving undamaged inventory with a cost of $20000. Using the gross profit method, the estimated ending inventory destroyed by fire is
$554667.
$720000.
$534667.
$92000.
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