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Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method. Sales (net) $815,000 Estimated gross profit rate 38%
Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method.
| Sales (net) | $815,000 |
| Estimated gross profit rate | 38% |
| Beginning merchandise inventory | $63,700 |
| Purchases (net) | 669,000 |
| Merchandise available for sale | $732,700 |
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Financial And Managerial Accounting The Basis For Business Decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
19th Edition
1260247937, 978-1260247930
