The following information is available for October for Barton Company. A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $15,000. Using the gross profit method, the estimated ending inventory destroyed by fire is
A) $85,000.
B) $385,000.
C) $400,000.
D) $500,000.

Question

The following information is available for October for Barton Company.  A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $15,000. Using the gross profit method, the estimated ending inventory destroyed by fire is
A) $85,000. 
B) $385,000. 
C) $400,000. 
D) $500,000.

Quizplus · Accepted Answer

The Answer of The following information is available for October for Barton Company.  A fire destroyed Barton's October 31 inventory, leaving undamaged inventory with a cost of $15,000. Using the gross profit method, the estimated ending inventory destroyed by fire is
A) $85,000. 
B) $385,000. 
C) $400,000. 
D) $500,000.

The Following Information Is Available for October for Barton Company