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Based on the following data, estimate the cost of the ending inventory: Sales $7,600,000 Estimated gross profit rate 37% Beginning inventory $4,756,000 Purchases (net) 482,000

Based on the following data, estimate the cost of the ending inventory: Sales $7,600,000 Estimated gross profit rate 37% Beginning inventory $4,756,000 Purchases (net) 482,000 Merchandise available for sale $5,238,000 Estimated Cost of Ending Inventory

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