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Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method. Sales (net) $758,000 Estimated gross profit rate 25%

Based on the following data, estimate the cost of ending merchandise inventory using the gross profit method. Sales (net) $758,000 Estimated gross profit rate 25% Beginning merchandise inventory $71,700 Purchases (net) 752,600 Merchandise available for sale $824,300

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