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Based on the following data, estimate the cost of the ending merchandise inventory: Sales $1,300,000 Estimated gross profit rate 44% Beginning merchandise inventory $730,000 Purchases
Based on the following data, estimate the cost of the ending merchandise inventory:
| Sales | $1,300,000 |
| Estimated gross profit rate | 44% |
| Beginning merchandise inventory | $730,000 |
| Purchases (net) | 74,000 |
| Merchandise available for sale | $804,000 |
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Modern Auditing
Authors: William C Boynton, Raymond N Johnson
8th Edition
0471230111, 978-0471230113
