The Following Information Is Available for October for Jordan Company

question 35

Multiple Choice

The following information is available for October for Jordan Company. $\begin{array}{lr}\text { Beginning inventory } & \$ 50,000 \\\text { Net purchases } & 150,000 \\\text { Net sales } & 300,000 \\\text { Percentage markup on cost } & 66.67 \%\end{array}$ A fire destroyed Jordan's October 31 inventory, leaving undamaged inventory with a cost of $3,000.Using the gross profit method, the estimated ending inventory destroyed by fire is

• A)$17,000.
• B)$77,000.
• C)$80,000.
• D)$100,000.

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Definitions:

Groupthink

An occurrence in group settings where the preference for consensus or uniformity culminates in nonsensical or ineffective choices.

Harmony

A state of agreement or concord, often used in the context of music to describe the pleasing arrangement of parts, but also applicable to social and interpersonal situations.

Decision-making

The cognitive process of selecting a course of action among several alternatives to achieve a desired outcome.

Prejudice

A preconceived opinion or bias against an individual or group without sufficient knowledge, thought, or reason.