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Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales

Calculate using the gross profit method for the following: Gross profit on sales: 47% Beginning inventory on July 1: $49,009 Net purchase: $18,252 Net sales at retail for July: $14,400 Estimated ending inventory

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