Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information is available for october

The following information is available for October for Sandhill Company. Beginning inventory $480000 Net purchases...

80.2K

Verified Solution

Question

Accounting

The following information is available for October for Sandhill Company. Beginning inventory $480000

Net purchases 1360000

Net sales 2720000

Percentage markup on cost 66.67%

A fire destroyed Sandhills October 31 inventory, leaving undamaged inventory with a cost of $28000. Using the gross profit method, the estimated ending inventory destroyed by fire is

$697333.

$725333.

$880000.

$180000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Answer the following questions on the article: What are the main arguments in the article? What...

Biology
Q

briefly explain on a fundamental chemical basis what effect adding charges has on the polymer chain...

Chemistry
Q

A department store supervisor is concerned about customer service. To check if this is an issue,...

Basic Math
Q

Which of the following best describes skeletal muscle repair after acute damage in a healthy...

Biology
Q

17 A body initially at rest and sliding along a frictio track from a height...

Physics
Q

28 Study the graph 120 90 10 Go 90 2

Geometry
Q

Consider the chart below of living arrangements. ...

Statistics
Q

1. At the beginning of the current year, Avery Company issued 10,000 ordinary shares of...

Accounting
Q

An adjustment to ending inventory under the lower of cost or market/net realizable value (LCM/NRV)...

Accounting
Q

Bensen Company started business by acquiring $27,900 cash from the issue of common stock on...

Accounting
Q

ABC (from above) is currently evaluating two mutually exclusive projects. Project A has a time...

Finance
Q

Current Attempt in Progress Blossom Mining Company purchased land on February 1, 2020, at a...

Accounting