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A firm's gross profit on net sales is 35%. The firm had net sales of $400,000 and net cost of purchases of $280,000. If the

A firm's gross profit on net sales is 35%. The firm had net sales of $400,000 and net cost of purchases of $280,000. If the beginning inventory was $40,000, how much was the ending inventory?

Multiple Choice

$20,000

$60,000

$40,000

$180,000

None of the other alternatives are correct

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