The Following Information Is Available for October for Horton Company

question 34

Multiple Choice

The following information is available for October for Horton Company. $\begin{array}{lr}\text { Beginning inventory } & \$ 100,000 \\\text { Net purchases } & 300,000 \\\text { Net sales } & 600,000 \\\text { Percentage markup on cost } & 66.67 \%\end{array}$ A fire destroyed Horton's October 31 inventory, leaving undamaged inventory with a cost of $6,000.Using the gross profit method, the estimated ending inventory destroyed by fire is

• A)$34,000.
• B)$154,000.
• C)$160,000.
• D)$200,000.

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