Testbank Multiple Choice Question 94 The following information is available for October for Crane Company. (Round answers to 0 decimal places, e.g. 5,275.) $280000 Beginning inventory 960000 Net purchases Net sales Percentage markup on cost A fire destroyed Crane's October 31 inventory, leaving undamaged inventory with a cost of $18000. Using the gross profit method, the estimated ending inventory destroyed by fire is ● $70000. Ⓒ $494000. Ⓒ $512000. O $680000. 1920000 66.67%

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.