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Compute the estimated ending inventory destroyed by fire

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Question - The following information is available for October for Sheridan Company.

Beginning inventory $330000

Net purchases 1060000

Net sales 2120000

Percentage markup on cost 66.67%

A fire destroyed Sheridan's October 31 inventory, leaving undamaged inventory with a cost of $20500. Using the gross profit method, compute the estimated ending inventory destroyed by fire?

a. $97500.

b. $544833.

c. $565333.

d. $730000.

Reference no: EM132740408

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