The following information is available for October for Pharoah Company. Beginning inventory $390000 Net purchases...
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Accounting
The following information is available for October for Pharoah Company. Beginning inventory $390000 Net purchases 1130000 Net sales 2260000 Percentage markup on cost 66.67%
A fire destroyed Pharoahs October 31 inventory, leaving undamaged inventory with a cost of $23000. Using the gross profit method, the estimated ending inventory destroyed by fire is
A)740000.
B)$602667.
C)$141000
. D)$579667.
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