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11 Estimating inventory LOs Flona Enterprises reported the following information for the current year Sales Beginning inventory Purchases Gross profit percentage $800000 25000 502000 40%

11 Estimating inventory LOs Flona Enterprises reported the following information for the current year Sales Beginning inventory Purchases Gross profit percentage $800000 25000 502000 40% Required Using the gross profit method, estimate Fiona's cost of goods sold for the year and the ending inventory at year-end. Explain why a company might need to estimate its ending inventory

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