Gross profit method Based on the following data, estimate the cost of the ending inventory: Sales $9,250,000
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Gross profit method Based on the following data, estimate the cost of the ending inventory:
Sales $9,250,000 Estimated gross profit rate 36%
Beginning inventory $ 180,000 Purchases (net) 5,945,000 Merchandise available for sale $6,125,000 AppendixLO1
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Related Book For 
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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