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1. The following data are for the Bi-Star Technologies for the year ended December 31, 2011: Beginning inventory = $325,000 Net purchases = $945,000 Net

1. The following data are for the Bi-Star Technologies for the year ended December 31, 2011:

Beginning inventory = $325,000

Net purchases = $945,000 Net sales revenue = $2,100,000

Normal gross profit percentage = 40%

What is the estimated ending inventory?

2. Ending inventory for the year ended December 31, 2020, is understated by $10,000. How will this affect net income for 2021?

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