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A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the average
A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the average gross profit rate is 30% of net sales. The following data relate to the month of March: Inventory cost, March 1 Purchases during the month at cost Sales Sales returns $20,000 77,000 97,500 5.200 Using the data above, what is the estimated ending inventory at March 31
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