Based on the following data, estimate the cost of the ending merchandise inventory: Sales (net) ............... $9,250,000
Question:
Sales (net) ............... $9,250,000
Estimated gross profit rate .......... 36%
Beginning merchandise inventory ....... $ 180,000
Purchases (net) ............. 5,945,000
Merchandise available for sale ....... $6,125,000
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Related Book For 
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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