Chick Landscaping and Nursery began January with inventory of ($ 47,000). During January, Chick made net purchases

Question:

Chick Landscaping and Nursery began January with inventory of $\$ 47,000$. During January, Chick made net purchases of $\$ 33,000$ and had net sales of $\$ 60,000$. For the past several years, Chick's gross profit has been $35 \%$ of sales. Use the gross profit method to estimate the cost of the ending inventory for the monthly financial statements.

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