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Computing Gross Profit and Cost Percentages Given Ending Inventory Balances

Harris Inc., with a December $31$ year$-$end, uses a periodic inventory system. Because its physical inventory count takes place at year$-$end only, Harris estimates ending inventory for its quarterly reports using the gross profit method. The following information for the first two quarters of the year is available.

$\backslash$table$[[$Inventory$,$ January $1($based on physical count$),$$$72,000$