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Comprehensive in class Problems Inventory special valuation Oct 26 th Hector companys records indicate the gross profit on sales at 40% and the following information:
Comprehensive in class Problems Inventory special valuation Oct 26th
- Hector companys records indicate the gross profit on sales at 40% and the following information:
December 31st ending inventory $23,000
Purchases Jan 1 June 30th $482,000
Freight cost on purchases $25,000
Sales Jan 1 June 30th $860,000
Calculate cost of ending inventory using the gross profit method.
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