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2. Ronald Supply Company uses the gross profit method to estimate the cost of ending inventory. Based on the following information, calculate Ronald's ending inventory

2. Ronald Supply Company uses the gross profit method to estimate the cost of ending inventory. Based on the following information, calculate Ronald's ending inventory on December 31. Inventory, Beginning 80,000 40,000 50,000 Gross Profit Rate on Net Sales 20% Purchases Net Sales

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