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Chalmers and Company sells basketballs signed by KU athletes to avid fans. Chalmers has the following information related to inventory: beginning inventory of $20,000, sales

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Chalmers and Company sells basketballs signed by KU athletes to avid fans. Chalmers has the following information related to inventory: beginning inventory of $20,000, sales revenue of $300,000, purchases of $40,000, and a historical gross margin percentage of 85%. Using the gross margin method, what is the estimate of ending inventory? $60,000 $15.000 $45.000 $75,000

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