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On April 15 of the current year, a fire destroyed the entire uninsured inventory of a...

On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $300,000 Inventory, January 1 50,000 Purchases, January 1 through April 15 250,000 If the amount of inventory destroyed in the fire was $60,000, then what is the inventory markup on cost?

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Amount of inventory destroyed markup on cost = $15,000

Amount of inventory destroyed cost plus markup on cost = $75,000

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If any doubts or queries please comment and clarify I'll explain asap.

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