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Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $312,000 Beginning inventory 41,600 Purchases 208,000 For each
Estimating Inventory Using Gross Profit Method
The following data is from Netflicks Company for 2020.
| Sales revenue | $312,000 |
| Beginning inventory | 41,600 |
| Purchases | 208,000 |
For each separate case a through e, estimate ending inventory.
| a. Markup is 50% on cost. | ? |
| b. Markup is 60% on sales. | ? |
| c. Markup is 25% on cost. | ? |
| d. Markup is 40% on sales. | ? |
| e. Markup is 60% on cost. | ? |
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