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2. For the year 2023 , SINE Company reported the following information that may be relevant in estimating its ending inventory: The Company has consistently

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2. For the year 2023 , SINE Company reported the following information that may be relevant in estimating its ending inventory: The Company has consistently applied a gross profit rate of 25% based on cost to all of its sale transactions during year. Required: From this information and using the gross profit method, determine the estimated ending inventory as of December 31,2023

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