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Extra Manufacturing maintains a gross margin of 30% on all of its merchandise. In March the company had a beginning inventory of $416,800, net purchases
Extra Manufacturing maintains a gross margin of 30% on all of its merchandise. In March the company had a beginning inventory of $416,800, net purchases of $201,500, and net sales of $660,200. Use the gross profit method to estimate the cost of ending inventory as of March 31.
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